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TUTORIAL 2
1. Jutawan Sendirian Berhad purchased equipment for RM3,500. The company paid
RM1,500 in cash as downpayment and to pay the balance in five-month installments. The
company debited RM3,500 in Equipment account and
A. credited another asset account for RM1,500.
B. credited a liability account for RM2,000.
C. Debited another asset account for RM1,500; and a liability account for RM2,000.
D. Credited another asset account for RM1,500; and a liability account for RM2,000.
2. The company provided services to a client and billed him for RM3,000 and no payment
have been received. The results of this event,
I. assets remained unchanged.
II. liabilities remained unchanged .
III. assets increased by RM3,000.
IV. Owner’s equity increased by RM3,000.
3. Supplies account had a balance of RM370 on 1 March 2018. During the month, total
supplies purchased and used were RM690 and RM550 respectively. The balance in the
Supplies account at the end of the month would be:
A. RM1,060, debit.
B. RM550, credit.
C. RM510, debit.
D. RM230, credit.
6. On 1 March 2018, the company paid RM2,400 for a one-year insurance coverage. The entire
RM2,400 was charged to Insurance Expense on the same day. The adjusting entries on 30
June 2018 would be
7. Sally Enterprise paid RM4,500 for three month rental in advance on 1 August 2018. After
adjusting entries are made, what is the balance of Prepaid Rent on 30 September 2018?
A. RM4,500
B. RM3,000
C. RM1,500
D. Nil
A. RM9,150
B. RM18,300
C. RM27,450
D. RM45,750
Use the following information from the Income Statement for the month of September 2018 of
Wonder Enterprise to answer Questions 9 and 10:
RM RM
Revenue 7,000
Less: Expenses:
Wages Expense 2,000
Advertising Expense 200
Rent Expense 1,000
Supplies Expense 300
Insurance Expense 100
Total Expenses 3,600
BKAL1013 A181 TUTORIAL 2
11. The receipt of cash from customers in payment of their accounts would be recorded by:
A. a debit to cash and a credit to accounts payable
B. a debit to cash and a credit to accounts receivable
C. a debit to accounts payable and a credit to cash
D. a debit to accounts receivable and a credit to cash
12. The owner withdraws cash from the business for personal use leads to:
A. no effect on total assets
B. an increase in both total assets and total equities
C. a decrease in both total assets and total equities
D. an increase in total assets and a decrease in total equities
14. Mary Sue opens a business called Sue Couture by bringing in RM70,000 cash and
RM130,000 value of a car into the business. The journal entry would be recorded as:
BKAL1013 A181 TUTORIAL 2
A. A debit to cash RM70,000 and credit to both vehicle RM130,000 and owner’s equity
RM200,000
B. A debit to both cash RM70,000 and vehicles RM130,000 and credit to owner’s equity
RM200,000
C. A debit to cash RM170,000 and credit to both vehicles RM30,000 and owner’s equity
RM200,000
D. A debit to both cash RM170,000 and land RM130,000 and credit to owner’s equity
RM300,000
16. Which of the following statements is INCORRECT concerning the adjusted trial balance?
A. An adjusted trial balance proves the equality of the total debit balances and the total
credit balances in the ledger after all adjustments are made
B. The adjusted trial balance provides the primary basis for the preparation of financial
statements
C. The adjusted trial balance lists the account balances segregated by assets and liabilities
D. The adjusted trial balance is prepared after the adjusting entries have been journalized
and posted
17. The adjustment entry for salaries earned by employees but not yet paid is:
A. Dr. Salary Payable; Cr. Salary Expense
B. Dr. Salary Expense; Cr. Cash
C. Dr. Salary Expense; Cr. Salary Payable
D. Dr. Salary Expense; Cr. Accounts Receivable
18. The list that contains the titles and balances of yet to be updated accounts from the ledger
on a given date is called:
A. the unadjusted trial balance
B. a comprehensive income statement
C. a statement of financial position
D. the adjusted trial balance
19. The year-end adjustments are required to some accounts due to:
I. Some revenues and expenses may be unrecorded
II. Some revenues are earned with the passage of time
BKAL1013 A181 TUTORIAL 2
A. I and II
B. I and III
C. All of the above
D. None of the above
20. Which of the following statements about the accrual basis and cash basis of accounting are
TRUE?
A. Accrual basis records revenue when services are performed. Cash basis records revenue
when cash is received
B. Accrual basis records expenses when incurred. Cash basis records expenses when cash
is paid
C. Accrual basis is required by generally accepted accounting principles
D. All of the above are true
QUESTION ONE
On June, 2018, Usman established a management consultancy firm, USSY CONSULTS SDN
BHD. During the month, Usman carried-out the following transactions through firm:
REQUIRED:
a) Journalize the transactions for June, 2018 (Explanation is not required).
b) Post the Journal entries to the ledger
c) Prepare an unadjusted trial balance for USSY CONSULT SDN BHD as of June 30, 2018.
QUESTION TWO
Below is the adjusted trial balance for Naqiu Enterprise, owned by Danial.
Naqiu Enterprise
Adjusted Trial Balance
31 December 2017
Debit Credit
RM RM
Bank 35,000
Motor Vehicles 22,000
Cash 12,000
Office Supplies 2,000
Accounts Receivable 4,000
Danial, Capital 51,000
Fees Revenue 35,000
Accounts Payable 8,000
Rental Expenses 2,000
Utility Expenses 5,000
Salary Expenses 8,000
Prepaid Insurance 5,000
Salary Payable 3,000
Danial, Drawing 2,000
97,000 97,000
BKAL1013 A181 TUTORIAL 2
REQUIRED:
(a) Prepare the Statement of Profit or Loss and Other Comprehensive Income of Naqiu Enterprise for
the month ended 31 December 2017.
(b) Prepare the Statement of Changes in Owner’s Equity of Naqiu Enterprise for the month ended 31
December 2017.
(c) Prepare the Statement of Financial Position of Naqiu Enterprise as at 31 December 2017.
END OF QUESTIONS
BKAL1013 A181 TUTORIAL 2
Group: _______
1. 11.
2. 12.
3. 13.
4. 14.
5. 15.
6. 16.
7. 17.
8. 18.
9. 19.
10. 20.
BKAL1013 A181 TUTORIAL 2