please solve question B for the first one and for the next question rectify the red boxes
Selected transactions follow for H55 Sports Ltd, during the company's first month of business. The company expects a return rate of 8% and uses a perpetual inventory system. Feb. 2 Sold $1,141 of merchandise to Andrew Noren on account, terms n/30. The goods had cost H55 $764. 4 Andrew Noren returned for credit $139 of the merchandise purchased on February 2. The goods had cost H55 $84 and they were returned to inventory. 5 Sold $763 of merchandise to Dong Corporation on account, terms n/30. The goods had cost H55$493. 8 Sold $834 of merchandise to Michael Collins for cash. The goods had cost H55 $626. 10 Sold $919 of merchandise to Rafik Kurji account, terms n/30. The goods had cost H55 $681. 22 Dong Corporation paid its account in full. 24 Andrew Noren purchased an additional $697 of merchandise on account, terms n/30. The goods had cost H55 $411. 27 Sold $1,725 of merchandise to Batstone Corporation, terms n/30. The goods had cost 455$1,099. 28 Andrew Noren paid $1,002 on account. Date Account Titles and Explanation Debit Credit eb. 2 Accounts Receivable Refund I lability (To record sales) Cost of Goods Sold Estimated Inventory Returns (To record cost of goods sold) Retund Liability Accounts Receivabic (To record sales returns) (To record sales returns) Inventory Estimated Inventory Returns (To record cost of goods returned) (To record sales) Cost of Geods Sold Estimated Imventory Returns: Set up T accounts for the Accounts Receivable general ledger (control) account and for the Accounts Receivable subsidiary ledger accounts. Post the journal entries to these accounts. (Post entries in the order of journal entries presented in the previous part.) Accounts Receivable Subsidiary Ledger General Ledger Control Account General Ledger Control Account At January 1, 2021, Macaron Imports Inc. reported the following on its statement of financial position: During 2021, the company had the following summary transactions for receivables: 1. Sales on account, $6,588,000; Cost of goods sold, $3,615,000; return rate of 2% 2. Selling price of goods returned, $106,000; cost of goods returned to inventory, $56,200 3. Collection of accounts receivable, $6,588,000 4. Write offs of accounts receivable deemed uncollectible, $191,000 5. Collection of accounts previously written off as uncollectible, $89,100 6. After considering all of the above transactions, total estimated uncollectible accounts, $127,300 Prepare journal entries to record each of the above summary transactions, (List all debit entries before credit entries, Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) (1) Prepare Taccounts for Accounts Receivable and Allowance for Doubtful Accounts, (2) enter the opening balances, (3) post the above summary entries, and (4) determine the ending balances. (Post entries in the order ofjoumal entries presented in the pravious. question.) Selected transactions follow for H55 Sports Ltd, during the company's first month of business. The company expects a return rate of 8% and uses a perpetual inventory system. Feb. 2 Sold $1,141 of merchandise to Andrew Noren on account, terms n/30. The goods had cost H55 $764. 4 Andrew Noren returned for credit $139 of the merchandise purchased on February 2. The goods had cost H55 $84 and they were returned to inventory. 5 Sold $763 of merchandise to Dong Corporation on account, terms n/30. The goods had cost H55$493. 8 Sold $834 of merchandise to Michael Collins for cash. The goods had cost H55 $626. 10 Sold $919 of merchandise to Rafik Kurji account, terms n/30. The goods had cost H55 $681. 22 Dong Corporation paid its account in full. 24 Andrew Noren purchased an additional $697 of merchandise on account, terms n/30. The goods had cost H55 $411. 27 Sold $1,725 of merchandise to Batstone Corporation, terms n/30. The goods had cost 455$1,099. 28 Andrew Noren paid $1,002 on account. Date Account Titles and Explanation Debit Credit eb. 2 Accounts Receivable Refund I lability (To record sales) Cost of Goods Sold Estimated Inventory Returns (To record cost of goods sold) Retund Liability Accounts Receivabic (To record sales returns) (To record sales returns) Inventory Estimated Inventory Returns (To record cost of goods returned) (To record sales) Cost of Geods Sold Estimated Imventory Returns: Set up T accounts for the Accounts Receivable general ledger (control) account and for the Accounts Receivable subsidiary ledger accounts. Post the journal entries to these accounts. (Post entries in the order of journal entries presented in the previous part.) Accounts Receivable Subsidiary Ledger General Ledger Control Account General Ledger Control Account At January 1, 2021, Macaron Imports Inc. reported the following on its statement of financial position: During 2021, the company had the following summary transactions for receivables: 1. Sales on account, $6,588,000; Cost of goods sold, $3,615,000; return rate of 2% 2. Selling price of goods returned, $106,000; cost of goods returned to inventory, $56,200 3. Collection of accounts receivable, $6,588,000 4. Write offs of accounts receivable deemed uncollectible, $191,000 5. Collection of accounts previously written off as uncollectible, $89,100 6. After considering all of the above transactions, total estimated uncollectible accounts, $127,300 Prepare journal entries to record each of the above summary transactions, (List all debit entries before credit entries, Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) (1) Prepare Taccounts for Accounts Receivable and Allowance for Doubtful Accounts, (2) enter the opening balances, (3) post the above summary entries, and (4) determine the ending balances. (Post entries in the order ofjoumal entries presented in the pravious. question.)
