1. The trial balance for Salsa Enterprise for the year ended 31 December 2023 is as follows:
Salsa Enterprise
Trial balance for the year ended 31 December 2023
\begin{tabular}{lcc}
\hline Account & Debit (RM) & Credit (RM) \\
\hline Cash & 4,200 & \\
Trade receivables & 20,000 & \\
Notes receivables & 10,000 & \\
Inventory & 24,000 & \\
Prepaid rental & 2,400 & \\
Equipment & 18,000 & \\
Accumulated depreciation- equipment & & 4,000 \\
Trade payables & & 26,400 \\
Capital & & 33,200 \\
Sales & & 176,000 \\
Cost of goods sold & 92,000 & \\
Wages expenses & 40,000 & \\
Miscellaneous expenses & 24,000 & \\
Income tax & 5,000 & \\
& & \\
& 239,600 & 239,600 \\
\hline
\end{tabular}
Additional information:
(a) Accrued interest on notes receivable is RM1,000.
(b) Depreciation on the equipment is RM2,000.
(c) Accrued wages are RM1,200.
(d) Accrued utility bill is RM800 (charged to utility account).
(e) Rental which is due is RM1,000.
(f) Cash drawings by owners is RM2,800.
(g) Cash of RM400 is received from a customer for a debt which was wrongly credited to the trade payables.