PS-70B. (Leaming Objectives 1. 2. 3. 4. 5: Apply GAAP for proper revenue recognition: account for sales allowances account for sales discountsaccount for accounts receivable: write off account estimate uncollectible account expense) Baker Variety Store had the following balances as of November 11 Accounts Receivable $10,100 Allowance for Uncollectible Accounts $760 The following selected transactions occurred at Baker Variety Store during the month of November November 3 November S November November November 12 November 18 November 20 November 22 November November 23 25 November November Sold 3.500 of code to Maxwell In, which paid for the items in cash The cost Baker 5200 Sold 51.600 of merchant Lemmon Co, which paid by credit card. The credit card company change Ratera fee of credit anale Maker's cost of this machine was $39 Sols $1,100 of merchandise to Rapid Choccount. Terms were 2/10, net 30. Ricer's cont of this merchandisewa 5500 Sold 520.000 of merchandise to Appalachian Shoppen en scout Terms were 3/10.10. Baker's cost of the merchandise was 55.400 Sold $800 of merchandise 10 Otto, on count Term were 1/10, 10, Bakets.com ofis mechande wa 544 Rapid City reported that some of the merchandise received was in a different color this ordered to the 100 of the merchandise. The cotto Bilet was Appalachian Shoppe said the balance of what it wwed for the purchase on November 11 Ontario Inc, returned 5100 of the merchandise for a refund. Baket's cout of the mechandise was 5129. Ontario Inc. paid the remaining balance owed for the purchase on November 12 Sold 57.000 of merchandise to Cathbed Cs on account. Terms were 1/10, net 30. Maker's cost of its kind was $2.100 Rapid City paid the balance of what it owed for the purchase on November 10 Discovered that enterprises, customer wing S125 from July transaction de lared bankruptcy and there is no chance of collection Wrote off the balance of anders account Sold $1,300 of merchandise to Dave's One Stop Shop on account. Terme were 210, et 30. Baker's cost of the merchand was $245, Sales on account during the month of November for transactions not listed individually totaled $9.200. Cost of poods sold for the sales totaled $3,895 Credit card sales on account during the month of November for transactions not listed individually totaled $5.000. The credit card company charged Baker fe of 2% on credit card calesCost of good sold for these sites totaled $1.800 Cash collections on account during the month of November for transactions not listed individually totaled $7,000, No discounts were taken by these customers.) Baker made the adjusting entries for the month to accrue for estimated future returns. Baker estimates that 5% of total sales will be returned Baker assumes that cost of goods sold is 40% of sales Raker made an adjusting entry to estimate uncollectible account expense for the month of November. Baker estimates its uncollectible account expense as 1% of total credit on account sales for the month November 27 Novel 1-30 November 1-30 November 1-30 November 30 November 30 Requirements 1. Record Baker's November transactions, including the cost of goods sold entries for each saie 2. Calculate the net realizable value of accounts receivable as of November 30, PS-70B. (Learning Objectives 1. 2. 3. 4. 5: Apply GAAP for proper revenue recognition account for sales allowances account for sales discounts account for accounts receivable, write off account; estimate uncollectible account expense) Baker Variety Store had the following balances as of November 1: Accounts Receivable S10,100 Allowance for Uncollectible Accounts $760 The following selected transactions occurred at Baker Variety Store during the month of November November 3 November 5 November 10 November November 12 November 18 November 20 November 22 November 22 November Sold 500 of merchandise to Maxwell foc, which paid for the items in cash The itemscout Baker 5200 Sold 1.600 of merchandise to Lemmon Co, which paid by credit card. The credit card company charged Baker toe of 2on credit card sales Maker cost of this merchandise was $592 Sold $1.500 of merchandise to Rapid City on account. Terms were 2/10, set 30 Maker's cost of this marchandise was $500 Sold $20,000 of merchandise to Appalachian Shoppes on account. Terms were 2/10,n30. Baker's cost of this merchandisewa 55,400, Sold 5800 of merchandise to Ontario Inc, coume Terms were 2/10, set 30. Biker.cost of the merchandise was $344 Rapid City reported that some of the merchandise received was in a different color than ordered soit returned $100 of the merchandise. The cost to Raker was $38. Appalachian Shoppes paid the balance of what it owed for the purchase on November 11, Ontario Inc, returned 5300 of the merchandise for a refund. Baker's cost of the returned merchandise was $129. Ontario Inc., paid the remaining balance owed for the purchase on November 12. Sold $7,000 of merchandise to Carlsbad Co, on account. Terms were 2/10, net 30. Haker's cost of this merchandise was $2,800 Rapid City paid the balance of what it owed for the purchase on November 10 Discovered that Eagle Enterprises, customer owing $125 from July transaction, declared bankruptcy and there is no chance of collection. Wrote off the balance of Eagle's account. Sold $1,100 of merchandise to Daves One-Stop-Shop on account. Terms were 1/10, net 30. Baker's cost of this merchandise was $245 Sales on account during the month of November for transactions not listed individually totaled 59,200, Cost of goods sold for these sales totaled $3.95 Credit card sales on account during the month of November for transactions not listed individually totaled $5,000. The credit card company charges Baker a fee of 2% on credit card sale. Cost of goods sold for these si totaled S1,800 Cash collections on account during the month of November for transactions not listed individually totaled $7,000. (No disccrants were taken by these customers Baker made the adjusting entries for the month to accrue for estimated future returns. Baker estimates that 5% of total sales will be returned. Bake assumes that cost of goods sold is 40% of sales Baker made an adjusting entry to estimate uncollectible account expense for the month of November. Baker estimates its collectible-account expense as 15. of total credit (on account sales for the month. November 25 November 26 November 27 November 1-30 November 1-30 November 1-30 November 30 November 30 Requirements 1. Record Baker's November transactions, including the cost of goods sold entries for each sale. 2. Calculate the net realizable value of accounts receivable as of November 30