Please help me to correct journal entries

(to adjust accrued commission)

You have been asked by a client to review the records of Pronghorn Corporation, a small manufacturer of precision tools and machines that follows ASPE. Your client is interested in buying the business, and arrangements were made for you to review the accounting records. Your examination reveals the following. 1. Pronghorn started business on April 1, 2020, and has been reporting on a fiscal year ending March 31. The company has never been audited, but the annual statements prepared by the bookkeeper reflect the following income before closing and before deducting income tax: uestion 7 of 9 3.09/6 Prepare tne journal entry or entries tnat you woula give tne eper to correct tne Ds. Assume tnat tne pooks nave not ye been closed for the fiscal year ended March 31, 2023. Disregard corrections of income tax. (List all debit entries before credit entries Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Round answers to 0 decimal places, e.g. 5,125.) 2. A relatively small number of machines have been shipped on consignment. These transactions were recorded as ordinary sales and billed in this way, with the gross profit on each sale recognized when the machine was shipped. On March 31 of each year, the amounts for machines billed and in the hands of consignees were as follows: The sales price was determined by adding 30% to cost. Assume that the consigned machines are sold the following year. 3. On March 30, 2022, two machines were shipped to a customer on a cash on delivery basis. The sale was not entered until April 5, 2022, when \$6,344 cash was received. The machines were not included in the inventory at March 31, 2022. (Title passed on March 30, 2022.) 4. All machines are sold subject to a five-year warranty. It is estimated that the expense ultimately to be incurred in connection with the warranty will amount to 0.5% of sales. The company has charged an expense account for actual warranty costs incurred. Sales per books and warranty costs were as follows: 5. A review of the corporate minutes reveals that the manager is entitled to a bonus of 0.5% of the income before deducting income tax and the bonus. The bonuses have never been recorded or paid. 6. Bad debts have been recorded on a direct write-off basis. Experience of similar enterprises indicates that losses will approximate 0.25% of sales. Bad debts written off and expensed were as follows: 7. The bank deducts 6% on all contracts that it finances. Of this amount, 0.5% is placed in a reserve to the credit of Pronghorn and is refunded to Pronghorn as financed contracts are paid in full. The reserve established by the bank has not been reflected in Pronghorn's books. On the books of the bank for each fiscal year, the excess of credits over debits (the net increase) to the reserve account for Pronghorn was as follows: 8. Commissions on sales have been entered when paid. Commissions payable on March 31 of each year were as follows: (a) Present a schedule showing the revised income before income tax for each of the years ended March 31, 2021, 2022 , and 2023. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45). Do not leave any answer field blank. Enter 0 for amounts. Round answers to 0 decimal places, e.g. 5,125.)