Total 5 marks Question 3 Explain how companies recognize accounts receivable. (2 marks) Question 4: Rainey Company has the following accounts in its general ledger af July 31: Accounts Receivable $40,000 and Allowance for Doubtful Accounts $2,500. During August the following transactions occurred. Oct 15 Sold $12,000 of accounts receivable to Good Factors, Inc. who assesses a 3% finance charge. (1.5 marks) 25 Made sales of S700 on VISA credit cards. The credit card service charge is 2%. (1.5 marks) Instructions: Journalize the transactions Hala 1. Alnuzhah Fall Semester 2021 Total 5.marks Question : Explain the lower-of-cost-ornet realizable value basis of accounting for inventories. (2 marks) Question 2 Whitmore Company identifies the following items for possible inclusion in the physical inventory. Indicate whether each item should be included or excluded from the inventory taking: 1 Goods shipped on consignment by Whitmore to another company. (I mark) 2. Goods in transit from a supplier shipped FOB destination. marko 3. Goods shipped via common carrier to a customer with terms FOB shipping point. (I mario)