BONUS ASSIGNMENT ACC-503 - FINANCIAL ACCOUNTING- (SECTION 362) Last Date of submission: 16th March, 2021 (Tuesday) Instructions: 1. Assignment will not be accepted after due date. 2. The assignment must be submitted ON LMS on due date and time. On late submission, 1 marks will be deducted QUESTIONI (CHAPTER 2) 1. Presented below is the adjusted trial balance of Al Marai Company as on December 31st, 2020. Account title Amount(Debit) Amount(Credit) Cash 11,000 Accounts Receivable 21,500 Inventory as on 1 January 2020 5,000 Prepaid Insurance 2,500 Printing Equipment 60,000 Accumulated Depreciation 35,000 Accounts Payable 5.000 Interest Payable 150 Notes Payable 5,000 Commission revenue 5,600 Salaries payable 1,300 Common Stock 10,000 Retained earnings 3.500 Advertising Revenue 61,500 Salaries Expenses 11,300 Insurance expense 850 Interest expense 500 Bad debts expense 7.000 Purchases 3,400 Rent Expense 4,000 Total 127,050 127,050 You are required to Prepare an Income Statement, Statement of Retained Earnings and an unclassified Balance Sheet as on December 31, 2020 with the following adjustments. Adjustments: 1. Inventory as on 31 December was valued at SR 3,000. BONUS ASSIGNMENT ACC-503 - FINANCIAL ACCOUNTING- (SECTION 362) 2. Current year depreciation on Fement was SR 7.000 3. Commission received SR 3,000 for the next year 4. Accounts receivable includes SR 1.500 as a bad debes Income Statement au ca 31 December 2009 Retained Earnings Statement Balance sheet as on 31 December, 2020 Liabilities& Owners Equity Amount Amount BONUS ASSIGNMENT ACC-S03 - FINANCIAL ACCOUNTING- (SECTION 362)