2.PREPARE THE THE COMPANY FINANCIAL STATEMENT UNADJUSTED TRIAL BALANCE ADJUSTMENT ADJUSTED TIAL BALANCE ACCOUNTT TITLE DEBIT CREDIT DEBIT CREDIT DEBIT CREDIT account payable 60,000 60,000 Account receivable 65,000 65,000 Bank 40,000 2,000 38,000 Capital 170,000 170,000 Cash 2,000 1,000 2,000 Comission paid 4,300 4,300 Comission received 1,500 1,500 Discount Allowed 2,300 2,300 Discount Received 3,500 3,500 Donations 500 500 Drawings Fixture and Fittings Freight inwards Freight outward General Expenses 500 500 35,000 35,000 1000 1,000 1,400 1,400 2,300 3,600 2300 Insurance premium 3,600 Interest received on investment 5,000 5,000 Land and building 80,000 80,000 Loan from Mbb 67,500 67,500 opening inventory 1 JAN 2019 26,000 26,000 Patent 50,000 50,000 Printing and stationery 700 700 Purchases 65,000 65,000 Rates and taxes 3,200 3,200 Rental paid 4,000 4,000 Rental revenue 3,000 3,000 Return inwards 1,500 1,500 Returns Outwars 1,800 1,800 Sales 88,000 88,000 Wages and salaries Electricity Expense Accrued Electricity 12,000 1,566 12,000 1,566 1,566 1,566 1,566 1,566 Utilities bill 500 500 500 De preciation 7,000 7,000 7,000 Accumulated Depreciation 7,000 7,000 7,000 unearned Rental Revenue 1,000 1,000 1,000 Prepaid rental 1,500 1,500 Total 400300 400300 11566 11566 409,866 409,866

Match the term with its definition. Allowance Method Cash Factoring Net Realizable Value Percentage-of-Receivables Method Restricted Cash A procedure that records unc [Choose ] Time Elapsed: Hide Time Attempt due: Apr 7 at 11:59pm 18 Hours, 38 Minutes, 32 Seconds The amount of the accounts receivable balance that the company actually expects to receive. Correct Answer A procedure that records uncollectible accounts by recording the bad debt expense on an estimated basis in the accounting period in which the sale on accout takes place. C A method of selling accounts receivable where the seller guarantees payment to the purchaser in the event the debtor fails to pay. Correct Answer short term investments with a maturity date of three months or less Generated through transactions from customers for goods bought or services rendered. Correct Answer When material, is required to be segregated and shown as either a current or long term asset on the balance sheet depending on it's expected…

The following account balances come from the records of Ourso Company: Beginning Balance $2,800 Ending Balance $3,600 350 Accounts receivable Allowance for doubtful accounts 280 During the accounting period, Ourso recorded $14,000 of sales revenue on account. The company also wrote off a $150 account receivable. Required a. Determine the amount of cash collected from receivables. b. Determine the amount of uncollectible accounts expense recognized during the period. a Collections of accounts receivable b. Uncollectible accounts expense

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