Question 2 Needs Grading Abdula Company deposits al cash receipts on the day when they are received and it makes all cash payments by check At the close of business on July 21, 2018 is Cash account shown on $19,773 debit balance. Abdulla Company's My 31 bank statement shows $21.646 an deposit in the bank. Prepara for Company using the following information * Chuck No 123, isted with the canceled checks was correctly drawn for $1,563 in payment of a celty bill on July 15. Abdulla Company mistakenly recorded it with a detit to slides Expense and a credit to Cash in the amount of $1,536 6. Outstanding checks as of July 31 total $1,500 e. It is noted in the bank statement that an amount of $400 is directly credited in the bank account as interest income, this has not been reported in the company's cash book Required: Show adjusted balance in cash book and prepare a bank reconciliation statement. Question 4 Following transactions occurred in Delta Company Date Activities Unit Sold Jan. 1 Jan. 10 Jan 22 Beginning inventory Purchases Sales Units purchases / acquired at cost price 20 units 12 30 units @ 13 25 units 20 Required: a. Calculate closing inventory on 3151 January using FIFO b. Calculate cost of goods sold on using FIFO. c. Differentiate between accrual basis and cash basis of accounting and determine which method is in complies with GAAP Question 6 Needs Grading 2 Mart sold goods $10.000 on credit2:10, 30 on November and received payment on November 10. Related to les discount which of the flow.com (MCO) a. Debit --- Sales Discount -- 200 b. No Sales Discount c. Credit - Sales Discount - 200 d. Debit --- Merchandise Inventory - 200 Question 7 Needs Grade Zahid Company squired machinery on January 1, 2017 without $52.000. The useful life of the machinery is expected to be 5 year. The vape value at the end of the life of the machinery expected to be $2,000. The machinery can produce maximum 20,000 units during a ful life Required a. Calcule depreciation in 2015 using straight line depreciation method b. Calculate depreciation in 2017 using units of production method 5,000 units are produced in 2017 c Records jumal entry for depreciation in 2017 ming double declining balance method