Accounts receivable- 10000 Allowance for doubtful accounts (2000) Inventory 3000 Land 60000 Equipment 20000 A/D - equipment (6200) Building 88000 A/D - building (18000) Total- 154800

Accounts payable- 49400 Common stock 5400 Retained earnings 100000 total-154800

Every quarter, the corporation reconciles its bank statement. Below is information from the bank reconciliation on December 31, 2017. Make the required entry in the journal. To complete the bank reconciliation for Requirement, you'll need the information in this item (e). There were no mistakes.

Deposit in transit 12/30/16 $3,200

Outstanding Checks #741 $5,000

#747 750

The bank statement received for the quarter ended March 31, 2018, was:

Beginning balance per bank $ 24,550

Deposits: 1/2/17 $3,200; 2/15/18 $11,048 14,248

Checks: #747 $750; #753 $200; #754 $8,820;

#756 $4,000; #757 $3,000; #758 $5,000 ( 21,770)

Debit memo: Bank service charge (Record as Administrative expense.) ( 55)

Ending balance per bank $16,973

Enter transaction into general journal

During the first quarter the following transactions occurred:

1. On January 6, 300 units of merchandise were acquired and received on account at a cost of $30 per unit. The shipping terms were F.O.B. shipping point, and the $200 delivery fee was paid in cash to the shipping business immediately using Check #753. The supplier provided us with 2/10, n/30 sales terms.

2. Jamukha paid for the items it had ordered on January 3 on January 11. Check #754 was used by Jamukha.

3. On January 24, I bought and received 50 units of goods for $23 each, using Check #755. F.O.B. destination was the shipping word.

4. On February 1, I sold faith Corp. 150 items of merchandise on account for $75 apiece. We put our faith in the 1/10, n/60 sales terms. (It's worth noting that Jamukha uses a LIFO system that is repeated on a regular basis.)

5. Blake Corp. purchased 190 units of merchandise on account on February 6 for $100 per item. We proposed the following sales terms to Blake: 1/10, n/60.

6. On February 11th, I received full payment from Blake Corporation.

7. On march 15, p On march 15, paid $8500 on accounts payable. Check #756 was used.

aid $8500 on accounts payable. Check #756 was used.

8.On april 1, paid administrative expenses of $7000. Check #757 was used.

9. On april 17, purchased and received 35 units of inventory at $29 per unit, paying with Check #758. Shipping terms were F.O.B. destination.

10. On april 20, received a check from faith Corp for $12000 to pay a portion of what is owed to Jamukha.

11. On april 19, sold, on account, 70 units of inventory toverizon Inc. for $99 per unit. The sales terms we gave verizon were 1/10, n/60.

12 On april 22, found out that faith Corp. filed for bankruptcy. Jamukha therefore wrote off the remaining amount owed by Galloping Grace Corp.

13. On april 25, verizon Inc. returned 15 units they had purchased on March 21 because they were defective.

Adjusting Journal Entries:

14. Beginning inventory for Jamukha Corp. was 85 units at $29 per unit. Determine the value of ending inventory as well as the cost of goods sold for the quarter. Record the journal entry.

15. . Jamukha Corp. estimates that 15% of its net revenues will end up uncollected. Record bad debt expense. Hint: You will need to calculate the revenue balance before calculating bad debt expense. You should do this by looking at the ledger after posting entries 1-13.

16.Depreciation on the building was $4500 for the quarter and depreciation on the equipment was $1,167 for the quarter.

17. The company reconciles its bank statement every quarter. Information from the December 31, 2016, bank reconciliation is provided below. Make the necessary journal entry. You will need the facts in this item to complete the bank reconciliation for Requirement (e). There were no errors. Deposit in transit 12/30/16 $5260 Outstanding Checks #741 $2000 #747 1200

^{_{MAKE BANK REC. LEDGER ACC. JOURNALIZE AND POST CLOSING AND ADJUSTING ENTRIES. UNADJUSTED TRAIL BALACE AND AJUSTED TRAIL BALANCE. MAKE ALL FIANCIAL STATEMENT.}}