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Question 26 (2 points) An incomplete A/R T-account for the month of July is as follows: Dr. Accounts Receivable Cr. l-July 26000 7-July 120000 31-July 40000 Assuming that all debits to A/R represent sales on account, how much was collected from customer during the month of July? Round your final answer to the nearest whole number (integer). Round interim calculations to 4 decimal points. Do not include any dollar signs, percentage % signs, commas, decimal places and/or spaces in your answer. Your answer should only include numbers. For example, if the correct answer is 1021, you should enter 1021 as your answer. If you enter $1021 or 1,021 or 1 021 or $1021.00, your answer will be marked wrong. For negative numbers, use a negative sign before the number e.g. -1021. Do not use brackets for negative numbers and do not leave a space between the negative Sign and the number. Your Answer: :] Answer Question 27 (2 points) Below is the Taccount for prepaid insurance for 2020: Dr. Prepaid Insurance Cr. 1/1 11500 12/31 26000 12/31 15500 The company adjusts the accounts at the end of the year. Insurance purchased during 2020 is: Question 28 (2 points) At the end of the year, the accounting records provided the following unadjusted and pre-tax amounts: Sales revenue (all in cash), $187000; cost of goods sold, $104000; operating expenses (cash), $40500; prepaid advertising $6500; unearned rent revenue $6000. The accrual basis net income was: \fDr. Cr. Cash 250000 2 2 07000 Inventory 02000 Accounts receivable Prepaid rent 515 00 Prepaid insurance 1 85 00 Equipment 250000 Accumulated depreciation , Equip 52500 Accounts Payable 295000 Advertising payable 50000 Income tax payable 14000 Dividends payable 14500 Unearned revenues 84500 Notes Payable (due June 2018) 154000 Common Shares 200000 Dividends declared 15000 Sales revenues 500000 Dividend revenue 55000 Cost of goods sold 260000 Supplies expense 14000 Wages expense Interest expense Depreciation expense Insuranc e expense Advertising expense Income tax expense Total current liabilities is: \fC ash 241000 Accounts receivable 206000 Inventory 201000 Prepaid rent 54500 Prepaid insurance 16500 Equipment 25 0000 Accumulated depreciation , Equip 54500 Accounts Payable 295000 Advertising payable 55000 Income tax payable 14500 Dividends payable 13000 Unearned revenues 8 l 500 Notes Payable (due June 2018) 150000 Common Shares 200000 Dividends declared 20000 Sales revenues 550000 Dividend revenue 59000 Cost of goods sold 250000 Supplies expense 13500 Wages expense 17000 Interest expense 25000 Depreciation expense 51500 Insurance expense 10000 Advertising expense 83000 Income tax expense 22000 Net income is