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Problem 2 (41 points) On the Go Warehouse distributes suitcases to retail stores and extends credit terms of 1/10, n/30 to all of its customers. The following selected transactions occurred. Requirement 1: Please prepare journal entries for each of the following transactions for On the Go Warehouse. Use the general joumal on the next page. Dec 1 Sold 40 suitcases on account to Luggage World for $65 each, the cost of each suitcase was $40. Dec 3 Purchased 85 suitcases on account for $30 each from Trunk Manufacturing, terms 1/15, 130 Dec 7 Luggage World returned 7 of the suitcases sold on Dec 1. This luggage was not defective; Luggage World purchased 7 more than needed Dec 8 Received final payment from Luggage World from the Dec I sale. Dec 10 Wrote-of the account receivable of Packem up, Inc., $280, who notified On the Go Warehouse that it would be unable to pay the amount duc Dec 15 Received a request from Samson Company for an extension of time for the account receivable ($3.700) that was due on Dec 15. Their request was granted and they signed a 60-day, 11% note. Dec 20 Paid Trunk Manufacturing the amount owed. Dec 25 Surprisingly, received a check from Packem-up, Inc., for payment in full of the amount owed that was written off on Dec 10, $280. Dec 31 Estimated bad debts, based on an aging of accounts receivable. The allowance for uncollectible accounts has a $300 debit balance prior to any adjustments. The aging schedule is shown below: Age of Accounts Total Balance 1-30 Days 31-60 Days 61-90 Days Over 90 Days $100,000 $60,000 $16,000 $14,000 $10,000 Estimated % uncollectible 1% 2% 5% 16% Dec 31 Accried interest on the Dec 15 note receivable, Feb 15 (next year) Received payment, in full, on the amount owed from Samson Company on Dec 15