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Question 3: The following selected balances have been taken from Your Ideal Teachers

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Question 3: The following selected balances have been taken from Your Ideal Teachers. Prepaid Insurance Rs. 8,000 Equipment Rs. 50, 000 Supplies Rs. 3, 500 Unearned Fees Rs. 6, 000 Data for adjustments: a. Depreciation per year on equipment is Rs. 1, 260. b. Supplies unused on December 31, Rs. 940. c. Interest accrued Rs. 800 on Notes Receivable. d. Unexpired Insurance at December 31, Rs.1, 200. e. Unearned Fees on December 31, Rs. 3, 250. f. Accrued salary not paid Rs. 3, 500 Instructions: - Give the adjusting entries at month end on December 31 (4 Marks) Question 4A: - Balances after adjustments of Sunlight Traders as at December 31, 2018 are given as follows Inventory (Jan 1, 2018) 4,000 Purchases 14, 000 Accrued Revenue 2,890 Freight In 500 Jim Roger :Drawings 896 Purchases Returns 1, 300 Jim Roger :Capital ( Jan 1, 17, 168 Salary Expense 2, 000 2018) Sales 21, 380 Depreciation Expense 1, 950 (machine) Sales Returns 2, 600 Rent Expense 2, 840 Merchandise Inventory (December 31, 2018) Rs. 5,000 Instructions: - Prepare an Income Statement and Statement of Owner's Equity for the year ended December 31, 2018 Question 4B: - After preparing the two financial statements of Sunlight Traders, you are required to close the temporary accounts at year end. (9 Marks)