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, purchased and received 300 units of inventory at $30 per unit, on account. Shipping terms were F.O.B. shipping point and delivery charges of $200 were paid in cash directly to the shipping company using Check #753. The sales terms given to us by the supplier were 2/10, n/30.

2. On January 11, Jamukha paid for the inventory purchased on January 3. Jamukha used check #754.

3. On January 24, purchased and received 50 units of inventory at $23 per unit, paying with Check #755. Shipping terms were F.O.B. destination.

4. On February 1, I sold 150 units of merchandise to faith Corp. on account for $75 each. We trusted the sales terms of 1/10, n/60. (Note: Jamukha operates on a LIFO system that is repeated on a regular basis.)

5. On February 6, 190 units of inventory were sold on account to Blake Corp. for $100 per unit. We offered Blake the following sales terms: 1/10, n/60.

6. On February 11, I received money from blake Corporation in full.

7. On march 15, paid $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.