JackJoe, Inc. sells toy mice to high end toy stores. Following are facts you need to A)prepare JackJoe's March bank reconciliation (10 points) and B) related journal entries (5 points) and C) explain the internal control principle that a bank reconciliation satisfies (hint: in Chapter 5): Balance per company General Ledger 3/31 Bank service charge for the month $ 25,000 50 Bounced (NSF) check returned with bank statement 1,950 Note collected by the bank during the month Outstanding checks at month end Interest on note collected during the month Balance per bank at end of month Deposit in transit at month end 55,000 14,000 5,000 90,000 $7,000 Test 2: Question 1 Criteria Ratings Bank reconciliation 10 pts Journal entries 5 pts Internal Controls 5 pts JackJoe, Inc. sells toy mice to upscale pet stores. The company has a broad customer base, and routinely sells on credit. Annually, the company reviews and updates its allowance for uncollectible accounts. The company's accounting assumption is that XX.X% (select a collectible % from between 93.5% and 95.5%)of the end of year Accounts receivable balance will be collectible. Write-offs against the allowance account are made throughout the year when individual accounts are deemed to be uncollectible. Following are relevant facts for the current year: January 1, x1 balance in accounts receivable is $2,500,000 and Allowance for doubtful accounts is $110,000 JackJoe sold $10,000,000 of toy mice during the year on credit and collected $10.900,000 of cash. During X1. $100,000 of uncollectible accounts were written off against the allowance. (a (a) Create an account analysis for both Accounts receivable and Allowance for doubtful accounts, (5 points) (6) Prepare the yearend adjusting journal entry. (5 points) (c) How will the accounts receivable and allowance appear on the Dec 31, X1 Balance sheet? (5 points) Test 2: Question 2 Criteria Ratings Pts Analyze accounts receivable and allowance 5 pts Adjusting entry 5 pts Balance sheet presentation 5 pts Total Points: 15