Question 3: (12 marks) In 2027, Jung Company's first year of operations, the following transactions occurred: (a) Inventory costing $350,000 was sold on credit to customers for a total of $500,000. Jung uses a perpetual inventory system. (b) During the year, Jung wrote off specific customer accounts totalling $4.000 (c) Cash was received from customers as payment on account, $280,000 (d) Jung estimated that 3% of ending accounts receivable would become uncollectible. Required: Prepare journal entries to record the above transactions. Date all entries at December 31,2027 Show supporting calculations for entry (d) Question 4: (12 marks) Belbin's Grocery Store developed the following information in recording its bank statement for the month of March 2027. Additional information: 1. Cheques written in March but still outstanding $10,800 2. Deposits of March 30 and 31 not yet recorded by bank $5,200. 3. NSF cheque of customer returned by bank $745. 4. Bank service charge for March was $50 5. A payment on account was incorrectly entered in the general journal for $824 when Cheque No. 318 was correctly prepared for $284. The cheque cleared the bank in March Question 4: (12 marks) Belbin's Grocery Store developed the following information in recording its bank statement for the month of March 2027. Additional information: 1. Cheques written in March but still outstanding $10,800. 2. Deposits of March 30 and 31 not yet recorded by bank $5,200. 3. NSF cheque of customer returned by bank $745. 4. Bank service charge for March was $50. 5. A payment on account was incorrectly entered in the general journal for $824 when Cheque No. 318 was correctly prepared for $284. The cheque cleared the bank in March. Required: a) Prepare a bank reconciliation at March 31, 2027 b) Prepare any adjusting entries necessary as a result of the bank reconciliation