I have 2 questions I am not able to finish because I cannot figure them out. I have included them both. Question 7-47 Accounting for Receivables?Journal Entries The following transactions affecting the accounts receivable of Wonderland Corporation took place during the year ended January 31, 2015: Sales (cash and credit). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $591,050 Cash received from credit customers, all of whom took advantage of the discount feature of the corporation?s credit terms 4/10, n/30 . . . . . . . . . . . . . . . . . . . . . . . . . 303,800 Cash received from cash customers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 210,270 Accounts receivable written off as worthless . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,250 Credit memoranda issued to credit customers for sales returns and allowances . . . . . . . . . 63,800 Cash refunds given to cash customers for sales returns and allowances . . . . . . . . . . . . . . . . . 13,318 Recoveries on accounts receivable written off as uncollectible in prior periods (not included in cash amount stated above) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,290 The following two balances were taken from the January 31, 2014, balance sheet: Accounts Receivable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 95,842 Allowance for Bad Debts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,740 (credit) The corporation provides for its net uncollectible account losses by crediting Allowance for Bad Debts for 1.5% of net credit sales for the fiscal period. Instructions: 1. Prepare the journal entries to record the transactions for the year ended January 31, 2015. 2. Prepare the adjusting journal entry for estimated uncollectible accounts on January 31, 2015. Question 7-51 Warranty Liability Sound Portal Corporation sells stereos under a two-year warranty contract that requires Sound Portal to replace defective parts and provide free labor on all repairs. During 2014, 1,290 units were sold at $950 each. In 2015, Sound Portal sold an additional 1,100 units at $980. Based on past experience, the estimated two-year warranty costs are $25 for parts and $30 for labor per unit. It is also estimated that 40% of the warranty expenditures will occur in the first year and 60% in the second year. Actual warranty expenditures were as follows: 2015 2016 Stereos sold in 2014. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $28,500 $37,800 Stereos sold in 2015. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ? 28,200 Instructions: Assuming that sales occurred on the last day of the year for both 2014 and 2015, give the necessary journal entries for the years 2014 through 2016. Analyze the warranty liability account for the year ended December 31, 2016, to see whether the actual repairs approximate the estimate. Should Sound Portal revise its warranty estimates?

07-47 Name: To enter the journal entries, select the appropriate account titles from the drop-down lists provided in the blue-shaded cells in columns C and D, and enter the appropriate amounts in the blue-shaded cells in columns G and I. Round your answers to nearest whole number. 1. GENERAL JOURNAL Account Title Debit Cash Accounts Receivable Sales 210,270 380,780 Cash Sales Discounts Accounts Receivable 303,800 12,658 Allowance for Bad Debts Accounts Receivable 5,250 591,050 316,458 5,250 Sales Returns and Allowances Accounts Receivable 63,800 Sales Returns and Allowances Cash 13,318 Accounts Receivable Allowance for Bad Debts 8,290 Cash 8,290 13,318 8,290 Accounts Receivable 2. Credit 8,290 GENERAL JOURNAL Account Title Adjusting Entry Bad Debt Expense Allowance for Bad Debts Debit Credit 07-47 Name: Solution To enter the journal entries, select the appropriate account titles from the drop-down menus given in the blue-shaded cells in columns C and D, and the appropriate amounts in the blue-shaded cells in columns G and I. Round your answers to nearest whole number. GENERAL JOURNAL Account Title 1. Debit Cash Accounts Receivable Sales 210,270 380,780 Cash Sales Discounts Accounts Receivable 303,800 12,658 Allowance for Bad Debts Accounts Receivable Credit 5,250 591,050 316,458 5,250 Sales Returns and Allowances Accounts Receivable 63,800 Sales Returns and Allowances Cash 13,318 Accounts Receivable Allowance for Bad Debts 8,290 Cash 8,290 683,800 13,318 8,290 Accounts Receivable 8,290 GENERAL JOURNAL 2. Account Title Adjusting Entry Bad Debt Expense Debit 4,665 Credit