Just do the Journal Entries

NAME: Harriet's Hats, Inc. Harriet's Hats is a fictional company. The following information includes the balance sheet as of December 31, 2015, and the details of the transactions that occurred during 2016 Background: Harriet's Hats is a hat retailer (in other words, Harriet's buys hats from a hat manufacturer and then sells them in their stores).Transactions for 2016 are representative of such a company's business activities. HINT Read through the entire assignment at least twice before beginning to do any work. This will help you familiarize yourself with all of the important facts. Transactions for 2016: Sales and Accounts Receivable a. Harriet's hats during 2016 had a sales price of S80 per hat. All sales were made on account b. Cash collections on account amounted to$721,000. c. On July 1, 2016, Harriet s identified S21,050 of receivables as being uncollectible and wrote them off d. Harriet's follows a percentage of receivables approach to estimate their accounts receivable that will become uncollectible. As of the end of 2016, Harriet's estimates that 10% of their receivables will be uncollectible Inventory a. Harriet's began 2016 with 1,100 hats which had a cost of $35 each. Employees physically counted 1,270 hats remaining in the warehouse at the end of 2016. Harriet's uses a periodic LIFO inventory system to cost their inventory The following purchases (all on account) were made during 2016 i. January 15th -4.250 hats $43.00 each iii. August 5th -3,420 hats @$47.00each October 26th 1,900 hats $50.00 each. b. During 2016, Harriet's made cash payments to inventory suppliers on the following dates: i. January 2h $146,200 ii. April 16 $156,600 iii. October 2nd -$160,740 iv. November 30th $85,500 3. Property, Plant and Equipment a. Harriet's uses straight-line depreciation for all of its store fixtures and office equipment. Below is a schedule of the store fixtures and office equipment Harriet's had in place at the end of 2015 FIXTURES AND EQUIPMENT (as of December 31, 201 12 years $0 1256 $48,000 Jan. 1, 2007 1876 S60,000 10 years S3000 Dan 1.2008 4299 SS2000 8 years S20000 Dan 1.2009 On January 1, 2016 new store fixtures were purchased for$32,000 in cash. Harriet's expects the fixtures to have a 10 year useful life and a $4,000 salvage value. d. (On April 1, 2016 office equipment (ID#1876) was sold for $6,750