ABC a private investing business called ABC Investigations. Some clients are required to pay in advance for the companyâs services, while others are billed after the services have been rendered. Advance payments are credited to an account entitled unearned retainer fees, which represents unearned revenue. The business adjusts its accounts each month and closes its accounts at the end of each quarter. At March 31, the end of first quarter, the trial balance appeared as follows:ABC INVESTIGATIONSTrial BalanceMarch. 31.2007Cash Rs.17,150Fees Receivables37,800Unexpired Insurance1,600Prepaid Rent5,400Office Supplies1,050Office Equipment17,100Accumulated depreciation: Office Equipment Rs.5,700Accounts Payable3,900Unearned Retainer Fees24,000ABC, Capital45,300ABC, Drawing3,200Fees Earned33,320Depreciation expense570Rent Expense3,000Office Supplies Expense450Insurance Expense800Telephone Expense1,200Travel Expense3,400Salaries Expense19,500Rs.112,220Rs.112,220Other Data:The useful life of the office equipment was estimated at five years. Fees of Rs.8, 400 were earned during the month from services performed for clients who had paid in advance. Salaries earned by employees during the month but not yet recorded or paid amounted to Rs.1, 665. On March 1, the business moved into a new office and paid the first three monthsâ rent in advance. Investigative services rendered during the month but not yet collected or billed to clients amounted to Rs.3, 900. Office supplies on hand March 31 amounted to Rs.700. Mark: 1On January 1, Rs.2400 was paid as the premium for six months; liability insurance. Instructions:Prepare the adjusting entries required at March 31. (Use the straight-Line method for depreciation) (Mark: 7)Determine the amount of net income to be reported in the companyâs income statement for the quarter ended March 31, 2001. (Mark: 13)
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