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Exercise 4 Journalize the following transactions: a) On December 31st, 2014, Global Office Supply had a 63,000 debit balance in Accounts receivable and a 5,000 credit balance in Allowance for uncollectible accounts. During January, 2015, Global sold on account for 320,000, collected on account 180,000, and recorded write-offs of uncollectible receivables for 3,500. Uncollectible account expense for January was estimated at 1% of credit sales. Journalize all January entries using the allowance method, and determine the net amount at which the accounts receivable are reported on the balance sheet as at January 31, 2015 b) Morrigan Import Corp. has obsolete inventory in stock that was bought for 18,000. The firm decides to lower the value of its inventory in order to reflect the current market value of 10,000, and then to donate to charity 80% of the merchandise. c) On April 30st, 2015, Ferelden Inc. sold finished goods to a customer for 25,500. The customer signed an 18-month note at 6% yearly interest. On June 15th 2015, Ferelden discounted the note to a bank at 9%. Provide all the entries related to the transactions, including the adjusting entries, if necessary, at the end of 2015. 2 d) Alduin Inc. is party to a lawsuit for copyright violation of 150,000. Alduin's attorney advises that it is probable Alduin will lose this lawsuit. A few months later, the court orders the company to pay 178,000 for damage compensation. e) Perfect Cleaners Inc. manufactures industrial detergents. The inventory of cleaning fluid at the beginning of May is 340 units valued 8 each. During the month, the company manufactures 5,000 units with a total manufacturing cost of 40,000, sells 4,800 units for 19 each, and uses 20 units for cleaning the factory floor. At the end of the month, a physical count of the inventory highlights an inventory shrinkage of 5 units