Journal Entries: In the journal provided, prepare all required journal entries in proper form, without explanations. You can use the following accounts for your journal entries: Cash, Accounts Receivable, Allowance for Uncollectible Accounts, Inventory, Sales Revenue, Cost of Goods Sold, Sales Discounts, Bad Debts Expense, Bank Charges Expense

Practice

a. Included in the bank reconciliation was notice of a customers non-sufficient funds check for $1,000.

b. A customer sent in a payment of $1,800 taking advantage of a $200 sales discount (for early payment). The original amount of the account receivable was $2,000. c. At the end of the year, a company has a balance in Allowance for Uncollectible Accounts of $2,000 (debit) before any year-end adjustment. The balance of Accounts Receivable is $180,000. The company estimates that 5% of accounts receivable will not be collected over the next year. Prepare the adjustment for uncollectible accounts.

d. At the beginning of 2022, Lios Furniture has an Allowance for Uncollectible accounts balance of $15,000 (credit). During 2022 Lios Furniture has bad debt writeoffs of $17,000 (specific accounts receivable balances were determined to be uncollectible). Prepare the journal entry to record writeoffs for 2022.

e. Sold merchandise to a customer for $1,000. The original cost of the merchandise inventory was $600. The company uses the perpetual inventory system. (Requires two journal entries.)

date	Accounts/Description	Debit	Credit
a.
b.
c.
d.
e.