Problem 3

4. Interest on a checking accourt 5. Bank service charges -6. Outstanding checks 7. Bank credit memorandum 8. The bank collected a S 1,000 note for the depositor. 9. The bank printed checks for the depositor for a fee. 10. NSF check ROBLEM III Mehae rodcsred into the folowing transactions and used the eretul laventry ucts entered into the following transactions and used the Perpetual Inventory Method June 3 Purchased $1,000 of merchandise on credit, terms 1/10, n/30 6 Returned $200 of the goods purchased on June 3. 7 Paid freight charges to Fedex of $125 on goods purchased on June 3 12 Paid for the goods purchased on June 3 13 Sold goods on credit for $700, terms 2/10, n/30, goods had a cost of $350. 14 The customer of June 13 returned $100 of the goods; goods had a cost of $50. 23 Received payment from the customer of June 13 Required: Prepare journal entries to record the business transactions of McRae. OBLEM IV The Jones Co. has an aging analysis prepared at year end. Receivables 1-30 days 31-60 days 61-90 days Over90 days Total The balance in the allowance account is a debit of $400 before the year end adjustme 1% $20,000 30,000 35,000 22.000 $107,000 7% 40% Required: Prepare the entry to record uncollectible accounts expense for the year