Question 3 At December 31, 2015, MP Company reports the following results for the year: Cash sales Credit sales RM1,015,000 RM1,241,000 In addition, its unadjusted trial balance includes the following items: Accounts receivable Allowance for doubtful debt accounts RM475,000 debit RM5,200 credit There was objective evidence that 9% of a RM50,000 debt owed by a debtor, NB Company, would most probably be uncollectible. An aging analysis of the rest of the accounts receivable indicated that as estimated 4% of these accounts would not be collectible. Required: 1. Prepare the adjusting entry for MP Company to recognise bad debts. 2. Show how Accounts Receivables and the Allowance for Doubtful Accounts appear on the company's statement of financial position on December 31, 2015. Question 4 Prepare journal entries to record these selected transactions for Kazen Sdn. Bhd. Feb 1 Sold goods worth RM6,000 to Mr. Salam on credit. Credit term 3/15, n 60. May 1 Accepted a RM6,000, 6-month, 8% note dated May 1 from Mr. Salam in granting a time extension on his past-due trade receivable. Oct 31 Mr. Salam honors his note and made payment together with interest