Accounting for ReceivablesJournal Entries The following transactions affecting the accounts receivable of Wonderland Corporation took place during the year ended January 31, 2013: Sales (cash and credit) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $691,050 Cash received from credit customers, all of whom took advantage of the discount feature of the corporations credit terms 4/10, n/30 . . . . . . . . . . . . . . . . . . . . . . . . . . 303,800 Cash received from cash customers. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 310,270 Accounts receivable written off as worthless. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,250 Credit memoranda issued to credit customers for sales returns and allowances. . . . . . . . . . . . . . . 83,800 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, 2012, balance sheet: Accounts Receivable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $95,842 Allowance for Bad Debts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,740 (credit) The corporation provides for its net uncollectible account losses by crediting Allowance for Bad Debts for 1.5% of net credit sales for the fiscal period. Instructions: 1. Prepare the journal entries to record the transactions for the year ended January 31, 2013. 2. Prepare the adjusting journal entry for estimated uncollectible accounts on January 31, 2013. 07-46 Name: Melody Chaffee To enter the journal entries, select the appropriate account titles from the drop-down lists provided in the blue-shaded cells in columns C and D, and enter the appropriate amounts in the blue-shaded cells in columns G and I. Round your answers to nearest whole number. 1. GENERAL JOURNAL Account Title Debit Credit Cash 310,270 Accounts Receivable 380,780 Sales 691,050 Cash 303,800 Sales Discounts Accounts Receivable Allowance for Bad Debts 5,250 Accounts Receivable 5,250 Sales Returns and Allowances 83,800 Accounts Receivable 83,800 Sales Returns and Allowances 13,318 Cash 13,318 Accounts Receivable Allowance for Bad Debts Cash 8,290 Accounts Receivable 8,290 2. GENERAL JOURNAL Account Title Debit Credit Adjusting Entry Bad Debt Expense Allowance for Bad Debts

07-46 Name: Melody Chaffee To enter the journal entries, select the appropriate account titles from the drop-down lists provided in the blue-shaded cells in columns C and D, and enter the appropriate amounts in the blue-shaded cells in columns G and I. Round your answers to nearest whole number. 1. GENERAL JOURNAL Account Title Debit Cash Accounts Receivable Sales 310,270 380,780 Cash Sales Discounts Accounts Receivable 303,800 Allowance for Bad Debts Accounts Receivable Credit 5,250 691,050 5,250 Sales Returns and Allowances Accounts Receivable 83,800 Sales Returns and Allowances Cash 13,318 83,800 13,318 Accounts Receivable Allowance for Bad Debts Cash 8,290 Accounts Receivable 2. 8,290 GENERAL JOURNAL Account Title Adjusting Entry Bad Debt Expense Allowance for Bad Debts Debit Credit 07-46 Name: Solution To enter the journal entries, select the appropriate account titles from the drop-down menus given in the blue-shaded cells in columns C and D, and the appropriate amounts in the blue-shaded cells in columns G and I. Round your answers to nearest whole number. GENERAL JOURNAL Account Title 1. Debit Cash Accounts Receivable Sales 310,270 380,780 Cash Sales Discounts Accounts Receivable 303,800 12,658 Allowance for Bad Debts Accounts Receivable Credit 5,250 691,050 316,458 5,250 Sales Returns and Allowances Accounts Receivable 83,800 Sales Returns and Allowances Cash 13,318 Accounts Receivable Allowance for Bad Debts 8,290 Cash 8,290 83,800 13,318 8,290 Accounts Receivable 8,290 GENERAL JOURNAL 2. Account Title Adjusting Entry Bad Debt Expense Debit 4,265 Credit 07-46 Name: Melody Chaffee To enter the journal entries, select the appropriate account titles from the drop-down lists provided in the blue-shaded cells in columns C and D, and enter the appropriate amounts in the blue-shaded cells in columns G and I. Round your answers to nearest whole number. 1. GENERAL JOURNAL Account Title Debit Cash Accounts Receivable Sales 310,270 380,780 Cash Sales Discounts Accounts Receivable 303,800 Allowance for Bad Debts Accounts Receivable Credit 5,250 691,050 5,250 Sales Returns and Allowances Accounts Receivable 83,800 Sales Returns and Allowances Cash 13,318 83,800 13,318 Accounts Receivable Allowance for Bad Debts Cash 8,290 Accounts Receivable 2. 8,290 GENERAL JOURNAL Account Title Adjusting Entry Bad Debt Expense Allowance for Bad Debts Debit Credit 07-46 Name: Solution To enter the journal entries, select the appropriate account titles from the drop-down menus given in the blue-shaded cells in columns C and D, and the appropriate amounts in the blue-shaded cells in columns G and I. Round your answers to nearest whole number. GENERAL JOURNAL Account Title 1. Debit Cash Accounts Receivable Sales 310,270 380,780 Cash Sales Discounts Accounts Receivable 303,800 12,658 Allowance for Bad Debts Accounts Receivable Credit 5,250 691,050 316,458 5,250 Sales Returns and Allowances Accounts Receivable 83,800 Sales Returns and Allowances Cash 13,318 Accounts Receivable Allowance for Bad Debts 8,290 Cash 8,290 83,800 13,318 8,290 Accounts Receivable 8,290 GENERAL JOURNAL 2. Account Title Adjusting Entry Bad Debt Expense Debit 4,265 Credit 07-46 Name: Melody Chaffee To enter the journal entries, select the appropriate account titles from the drop-down lists provided in the blue-shaded cells in columns C and D, and enter the appropriate amounts in the blue-shaded cells in columns G and I. Round your answers to nearest whole number. 1. GENERAL JOURNAL Account Title Debit Cash Accounts Receivable Sales 310,270 380,780 Cash Sales Discounts Accounts Receivable 303,800 Allowance for Bad Debts Accounts Receivable Credit 5,250 691,050 5,250 Sales Returns and Allowances Accounts Receivable 83,800 Sales Returns and Allowances Cash 13,318 83,800 13,318 Accounts Receivable Allowance for Bad Debts Cash 8,290 Accounts Receivable 2. 8,290 GENERAL JOURNAL Account Title Adjusting Entry Bad Debt Expense Allowance for Bad Debts Debit Credit 07-46 Name: Solution To enter the journal entries, select the appropriate account titles from the drop-down menus given in the blue-shaded cells in columns C and D, and the appropriate amounts in the blue-shaded cells in columns G and I. Round your answers to nearest whole number. GENERAL JOURNAL Account Title 1. Debit Cash Accounts Receivable Sales 310,270 380,780 Cash Sales Discounts Accounts Receivable 303,800 12,658 Allowance for Bad Debts Accounts Receivable Credit 5,250 691,050 316,458 5,250 Sales Returns and Allowances Accounts Receivable 83,800 Sales Returns and Allowances Cash 13,318 Accounts Receivable Allowance for Bad Debts 8,290 Cash 8,290 83,800 13,318 8,290 Accounts Receivable 8,290 GENERAL JOURNAL 2. Account Title Adjusting Entry Bad Debt Expense Debit 4,265 Credit