2.3 Applying Adjusted Entries in Preparing Income Statements - Disco Discount Receis and & Buildin Illustration 1 The following are some of the balances extracted from the books of Mullins Ltd at the beginning Motor Van at the end of the accounting year ending 31" December 2017. 1/01/2017 31/12/2017 c 750 900 Insurance prepaid Wages & Salaries Owing 38,700 41,200 Rent Receivable prepaid 300 700 Provision for Doubtful Debts 4.800 5,300 The following information relates to the operations during the year 2017, Provision for Office Equipe Provision for Stock at 1 Returns Out nsurance Lash in Ha General A belling & Bad Debu Bank Ov voort Drawing Insurance paid Wages & Salaries paid Rent Received Bad Debts written-off 7,400 488,000 5.100 4.200 brahl rahim Zubairu (PhD. FALL, CA-GH, MBA, FFA, ACM) SMSTIO PhotoGrid Financial Accounting All receipts and payments were carried through the bank account. Required: a) Prepare the following ledger accounts for the year ended 315 December 2017 and include in each case the amount to be transferred to the profit & loss accounts for the year, with appropriate balances carried down to the next accounting year: i) Insurance Account ii) Wages & Salaries Account iii) Rent Receivable Account iv) Provision for Doubtful Debts Accounts v) Bad Debts Accounts. b) Prepare the Profit & Loss Accounts extracts for the year ended 31st December 2017 showing: insurance, wages & salaries, rent received, provision for doubtful debts and bad debts. c) Prepare the Balance Sheet extracts as at 31 December 2017 showing; inser PhotoGrid id, wa salaries owing and rent receivable prepaid. PhotoGrid