Acc 101 | Accounting homework help

Intermediate Accounting I Quiz #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      
                         
                         
                         

 

         

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