Podcast
Questions and Answers
What is the total amount of debits recorded in the unadjusted trial balance for Muezza Bhd?
What is the total amount of debits recorded in the unadjusted trial balance for Muezza Bhd?
Which of the following accounts does not appear in the unadjusted trial balance as a debit balance?
Which of the following accounts does not appear in the unadjusted trial balance as a debit balance?
How much total liabilities can be calculated from the unadjusted trial balance for Muezza Bhd?
How much total liabilities can be calculated from the unadjusted trial balance for Muezza Bhd?
If prepaid expenses are not adjusted, what impact will it have on the financial statements?
If prepaid expenses are not adjusted, what impact will it have on the financial statements?
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Which asset has the highest value in the unadjusted trial balance for Muezza Bhd?
Which asset has the highest value in the unadjusted trial balance for Muezza Bhd?
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What is the formula for determining the total equity based on the unadjusted trial balance?
What is the formula for determining the total equity based on the unadjusted trial balance?
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Which of the following accounts is an example of a current asset in the unadjusted trial balance?
Which of the following accounts is an example of a current asset in the unadjusted trial balance?
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How are adjusting entries typically classified?
How are adjusting entries typically classified?
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What is the total amount of service revenue reported?
What is the total amount of service revenue reported?
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Which of the following expenses has the highest reported amount?
Which of the following expenses has the highest reported amount?
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What is the total amount of retained earnings shown?
What is the total amount of retained earnings shown?
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How much is the total reported for unearned service revenue?
How much is the total reported for unearned service revenue?
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Which of the following amounts represents the sum of the advertising and travelling expenses?
Which of the following amounts represents the sum of the advertising and travelling expenses?
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What is the total expenses amount listed in the data?
What is the total expenses amount listed in the data?
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What is the reported gain on revaluation of land?
What is the reported gain on revaluation of land?
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What is the total amount of liabilities reported?
What is the total amount of liabilities reported?
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Study Notes
Unadjusted Trial Balance
- Muezza Bhd's unadjusted trial balance at June 30, 2020, shows debit and credit balances totaling RM336,400.
- Key account balances include cash (RM125,400), accounts receivable (RM25,000), supplies (RM1,500), prepaid insurance (RM4,500), and land (RM105,000).
Additional Information
- RM500 of prepaid advertising was consumed.
- RM1,200 of supplies remained on hand.
- Equipment has a 10-year useful life.
- Half of RM10,000 in unearned service revenue was earned.
- RM5,800 of unpaid salaries for June 2020 need recording.
- An unpaid utilities bill of RM3,500 needs recording.
- RM7,800 in accrued revenue was collected.
- Rent expense of RM5,000 for July 2020 was paid in advance.
- A RM1,800, two-year insurance policy was purchased on June 1, 2020.
- RM9,000 in unearned/uncollected service revenue has been earned.
- RM3,000 in income tax expense remains unpaid.
Adjusting Entries
- Adjusting entries are necessary to reflect the financial position of Muezza Bhd at June 30, 2020.
- Some entries correct past errors.
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Description
This quiz focuses on Muezza Bhd's unadjusted trial balance and the necessary adjusting entries to accurately reflect its financial position. Test your understanding of key concepts related to debits, credits, and adjustment processes in accounting.
