Case 2. Suppose you are the accountant of ABC International, the Company has consulting project with a large client X Ltd, the client billed OMR 50,000 to ABC for the year 2019. Since the agreement only allows for billing at the end of the project. The payment received for the year 2019 was only OMR 30000. The balance OMR 20000 will be received in 2020. What is the accounting treatments in 2019? Answer the following Questions (1 mark each) a. Name the adjusting entry related to this transaction and pass entry to record the transaction? b. How will you define this adjusting entry in a single sentence? c. Which accounting concept is most applicable to this adjusting entry? d. How this amount is to be shown in balance sheet/ Income statement? e. How it will affect the financial statements if this entry is not passed? 5 Page