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Question: 3 Prepare Bank reconciliation report and journalize the necessary adjustments as of March 31st, 2021 for Company A; its bank statement for March shows

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Question: 3 Prepare Bank reconciliation report and journalize the necessary adjustments as of March 31st, 2021 for Company "A"; its bank statement for March shows the following data: $15,650 Balance March 1 Debit memorandum: NSF check Balance March 31 $17,580 Credit memorandum: Collection of note receivable $605 $275 The cash balance per books at March 31s is $16,319. Other relevant data are given below: 1. The NSF check was from a customer, 2. The note collected by the bank was a $600, 3 month, 12% note. The bank charged a $13 collection fee. No interest has been accrued. 3. Outstanding checks at March 31st total $2460. 4. Deposits in transit at March 31st total $1802. 5. A check for $552, dated March 10, cleared the bank on March 25, was recorded by the company for a payment on account, for $525. 6. Bank has by mistake credited $300 in Company's account which belongs to another company. Question: 4 The December 31, 2020 balance of Mohammad Com had Accounts Receivable of $400,000 and a credit balance in Allowance for Doubtful Accounts of $32,000. During 2021, the following transactions occurred: (a) sales on account $1,500,000; (b) sales return and allowances $50,000 (C) collection from customers $1,250,000; (d) accounts written off $36,000; (e) previously written off accounts of $6,000 were collected. Instructions: (1) Journalize the 2021 transaction (2) If the company uses percentage --of-sales basis to estimate bad debt expense and anticipates 3% of net sales to be uncollectable, what is the adjusting entry at December 31, 2021

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