56 E0 PROBLEMS oblem 7-47 Accounting for Receivables-Journal Entries ransactions affecting the account recevable of Wonderland Corporation took place ur the year ended January 31, 2015 Sales (cash and credit) $591,050 Cash received from credit customers, all of whom took advantage of the dscount feature of the corporation's credit terms 4/10, n/30 Cash received from cash customers.... .. .. 210,270 . 5250 ,800 Credit memoranda issued to credit customers for sales returns and allowances.63 Cash refunds given to cash customers for sales returns and allowances ........1 Recoveries on accounts receivable written off as uncollectible in prior periods not included in cash amount stated above.. The following two balances were taken from the January 31, 2014, balance sheet Accounts Receivable Allowance for Bad Debts.... 8,290 95,842 9,740 (cred The corporation provides for its net uncollectible account losses by crediting Allowance for Bad Debrs for 15% of net credit sales for the fiscal period. 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