e following are selected transactions of Ricardo Inc, during the month of November 2019. Prepare the journal entries to record each transaction Comit explanations) (2 pts ea. 20P November 1. Sold merchandise for $7,800 to Nantes Co. with credit terms 5/10,n/20. 2. Established a Petty Cash Fund for $150. 4. Received merchandise and an invoice from Bronx Inc. The purchase terms were 4/15, 1/25 F.O.B, destination. The invoice amount was $18,000 and freight charges were $1,150. 6. Nantes Co. returned $2,800 of defective items from its November 1" purchase. 9. Returned $3,000 of damaged merchandise to Bronx Inc from the November 4th purchase. 11. Nantes Co. paid its balance in full. 18. Paid Bronx Inc. the full amount owed. 25. A check was issued to the petty cashier to replenish the petty cash fund. The cash on hand was $90, and there were receipts for: Postage Travel Delivery Miscellaneous $20 25 15 10 30. Recorded the monthly payroll of $17,000 less the following deductions: FICA Taxes $1,000 Federal Withholding Tax 800 New York State Withholding Tax Insurance Premiums 750 450 31. Increased the amount of the petty cash fund to $200. 4. Braunius Bros, manufactures and sells kitchen and bathroom tiles. The account balances as of Seo (11 pts) tember 30, 2019 after adjustments are as follows to no Cash Inventory Depreciation Expense Accounts Payable Sales Revenue Salaries and Wages Expense $30,000 P. Braunius, Capital 70,000 P. Braunius, Drawings 4,000 Accumulated Depreciation, Building XXXXXX Insurance Expense 120,000 Prepaid Insurance 47,000 Utilities Expense 150,000 Notes Payable $80,000 9,000 60,000 10,000 2,000 5,000 35,000 Building Required: a) Prepare an adjusted trial balance for Braunius Bros with the proper heading and the accounts in balance sheet sequence. (6 pts) Determine the correct balance for Accounts Payable. b) Prepare the four closing entries. No explanations required. (3 pts) c) Calculate the amount of the ending Capital (2 pts) 3. Quick Grow Inc. produces and sells hair growth products. Quick Grow had the following transac- tions involving its receivables in 2018 and 2019. (1.5 pt each - 10.5 pts) 2018 Mar. 1 Sold 500 products for a total of $20,000 to CVS Pharmacy on account, terms 3/10,n/30. Mar. 31 Accepted a $20,000, 30-day, 6% note from CVS Pharmacy in settlement of their account. Apr. 30 When asked to pay, CVS Pharmacy dishonored the note. Quick Grow nonetheless expects future payment. May 20 Received payment in full from CVS Pharmacy. The payment included the interest at 20% for the 20 days after the maturity date of the note. Oct 1 Sold 700 bottles of hair growth formula to Walgreens Inc. in exchange for a $25,000, 5-month, 12% note. Dec. 31 Prepared the adjusting entry for the accrued interest on Walgreens' note. 2019 Feb. 28 Collected Walgreens Inc's note. Keiichi Co.'s balance sheet as of September 30, 2019 showed Accounts Receivable debit balance of $600,000 and Allowance for Doubtful Accounts credit balance of $40,000. During October 2019, the transactions affecting accounts receivable were as follows: (8 pts) a) Sales on account b) Sales returns and allowances c) Cash collections from customers d) Accounts receivable from Ace Co. written off $ 105,000 5,000 110,000 22,000 After an analysis of an aging schedule of all customer's accounts on October 31, 2019, Keiichi Co. decided that Allowance for Doubtful Accounts should be adjusted to a balance of $25,000. Required: a) Using October 1 as the transaction date, record the journal entry for each of the four items above (a, b, c, and d). No explanations are required. (2 pts) b) Record the adjusting entry on October 31 to adjust the allowance for doubtful accounts assum- ing that Keiichi Co. adjusts its accounts at the end of each month. No explanation required (2 pts) C) Calculate the net accounts receivable that should be reported on the October 31 balance sheet. (2 pts) d) Suppose that on June 30, eight months after the receivable from Ace Co. had been written-off, Ace Company sent Keiichi Co. a check for $15,000. Record the journal entry. (2 pts) 5. From the following information for El Camino Co. (10.5 pts) 1) The cash account in the general ledger had a balance of $6,200 on September 30, 2019. 2) El Camino Co's bank statement had a cash balance of $7,700 on September 30, 2019. 3) A check from customer, Tuco Salamanca, for $600 was returned by the bank marked NSF. 4) A deposit of $1,600 made on September 30, 2019 did not appear on September's bank statement 5) Bank Service Charges amounted to $100 for September. 6) Bank collected a note receivable of $1,500 plus $200 interest from customer, J. Pinkman. 7) Total outstanding checks on June 30 were $1,900 8) Check #1000 to purchase supplies from Target Inc. was incorrectly recorded by the com- pany for $420. The check was actually for $220 and the bank deducted the correct amount. Please prepare: a) A bank reconciliation statement on September 30, 2019. b) General journal entries to correct the accounts of El Camino Co. (8.5 pts) (2 pts)