Acc 101 | Accounting homework help

Intermediate Accounting IQuiz #3 (Take Home) Spring 2017                1.      The following transactions affecting the accounts receivable of Wonderland Corporation took place during the year ended January 31, 2015:Sales (cash sales of $210,270 and remaining credit)   $591,050     Cash received from credit customers, all of whom took         advantage of the discount feature of the company’s credit terms 4/10, n/30         (assume gross method for discounts is used)    303,800     Cash received from cash customers     210,270     Accounts receivable written off as worthless    5,250     Credit issued to credit customers for sales returns and allowances   63,800     (no allowance for sales returns currently set up)         Cash refunds given to cash customers for sales returns and allowances 13,318     Recoveries on accounts receivable written off as uncollectible in prior periods        (not included in cash amount stated above)    8,290                     The following two balances were taken from the January 31, 2014 balance sheet:       Accounts receivable:        95,842     Allowance for doubtful accounts     9,740 (credit)                    The corporation provides for its net uncollectible account losses by crediting Allowance for Bad Debts for 4.5% of ending accounts receivable.                  Instructions:             1.      Prepare the journal entries to record the transactions for the year ended January 31, 2015     

2.      Prepare the adjusting journal entry for estimated uncollectible accounts on January 31, 2015.

 

 

 

The following information for the month of March is available from Batters, Inc.’s accounting records:
Balance per bank statement, March 2015									$12,100
– Cash balance per books, March 31, 2015									15,295
– Deposit made on February 28; recorded by bank on March 3									3,600
– March 31, 2015 outstanding checks:
	#2346								438
	#2348								231
	#2355								107
– Bank service charge for March (not recorded yet by Betters)									54
	– NSF check of customer returned by bank								832
	– A check drawn on Moore Co. erroneously charged  to Batters								275
	– A $347 check to a supplier in payment of account was
	erroneously recorded on Batter’s books as $437								?
	– Deposit made on March 31, recorded by bank April 3								2,900