Sales Journal, Cash Receipts Journal, and General Journal Owens Distributors is a retail business. The following sales, returns, and cash receipts occurred during March 20 . There is an 8% sales tax. Beginning general ledger account balances were cash $9,715, and Accounts Receivable, $1098.25. Beginning customer account balances were Thompson Group, $1098.25 Mar. 1 Sold merchandise to Able & Co., $1,824, plus sales tax. Sale No. 33C 3 Sold merchandise to R. 1. Kalas, Inc., $2,235, plus sales tax. Sale No. 33D 5 Able & Co. returned merchandise from Sale No. 33C for a credit (Credit Memo No. 66), $25, plus sales tax. 7 Made cash sales for the week, $3,154, plus sales tax. 10 Received payment from Able & Co. for Sale No. 33C less Credit Memo No. 66 11 Sold merchandise to Blevins Bakery, $1,225, plus sales tax. Sale No. 33E 13 Received payment from R. J. Kalas, Inc. for Sale No. 33D 14 Made cash sales for the week, $4,201, plus sales tax. 16 Blevins Bakery returned merchandise from Sale No. 33E for a credit (Credit Memo No. 67), $40, plus sales tax. 18 Sold merchandise to R. J. Kalas, Inc., $2,596, plus sales tax. Sale No. 33F 20 Received payment from Blevins Bakery for Sale No. 33E less Credit Memo No. 67 21 Made cash sales for the week, $2,363, plus sales tax. 25 Sold merchandise to Blevins Bakery, $1,944, plus sales tax. Sale No. 33G 27 Sold merchandise to Thompson Group, $2,002, plus sales tax. Sale No. 33H. 28 Made cash sales for the week, $3,546, plus sales tax. Required If required, round your answers to the nearest cent. If an amount box does not require an entry, leave it blank. 1. Record the transactions in the sales journal, cash receipts journal, and general journal. Total, verify, and rule the columns where appropriate at the end of the month. Page: 6 DATE SALE POST REF RECEIVABLE SALES SALES TAX RECEIVABLECREDIT CREDIT TO WHOM SOLD 1 Mar. 1 330 2 Mar. 3 33D 3 Mar. 11 33E 4 Mar. 18 33F 5 Mar. 25 33G Mar. 27 33H (122) (401) (231) Debit total: Credit total: Page 9 Cash Debit Cash Receipts Journal General Accounts Receivable Sales Sales Tax Payable Credit Account Date Credited Post. Ref Credit Credit Credit 20-- Mar. 7 Mar. 10 Mar. 13 Mar. 14 Mar. 20 Mar. 21 Mar. 28 Able & Co. R. J. Kalas, Inc. Blevins Bakery (122) (401) (231) (101) Debit total Credit total: GENERAL JOURNAL PAGE 5 DATE DESCRIPTION POST. REF DEBIT CREDIT 20 Credit Memo #66 Credit Memo #67 2. Post from the journals to the general ledger and accounts receivable ledger accounts. ACCOUNT Cash ACCOUNT NO 101 BALANCE POST DATE ITEM DEBIT CREDIT DEBIT CREDIT REF 20-- Balance CR9 ACCOUNT Accounts Receivable ACCOUNT NO 122 BALANCE POST DATE ITEM DEBIT CREDIT DEBIT CREDIT REF 20-- Balance 15 J5 S6 CR9 NAME ADDRESS DATE Thompson Group ITEM POST. REF DEBIT CREDIT BALANCE 20-- Balance S6 Uncollectible Accounts-Percentage of Sales and Percentage of Receivables At the completion of the current fiscal year ending December 31, the balance of Accounts Receivable for Yang's Gift Shop was $28,415. Credit sales for the year were $350,000, Required Make the necessary adjusting entry in general journal form under each of the following assumptions. Show calculations for the amount of each adjustment and the resulting net realizable value. 1. Allowance for Doubtful Accounts has a credit balance of $300. a. The percentage of sales method is used and bad debt expense is estimated to be 2% of credit sales. If an amount box does not require an entry, leave it blank. Page DATE ACCOUNT TITLE DOC. POST NO. DEBIT CREDIT 1 20- Dec. 31 Accounts receivable, December 31, 20- Less allowance for doubtful accounts Net realizable value b. The percentage of receivables method is used and an analysis of the accounts produces an estimate of $6,925 in uncollectible accounts. If an amount box does not require an entry, leave it blank. Page ACCOUNT TITLE DOC. POST. NO. REF DATE 1 20-Dec. 31 Accounts receivable, December 31, 20 Less allowance for doubtful accounts Net realizable value 2. Allowance for Doubtful Accounts has a debit balance of $385 a. The percentage of sales method is used and bad debt expense is estimated to be 1.5% of credit sales. If an amount box does not require an entry, leave it blank. Page: DOC. POST DATE ACCOUNT TITLE NO. REFDEBIT CREDIT 1 20--Dec. 31 Accounts receivable, December 31, 20 Less allowance for doubtful accounts Net realizable value b. The percentage of receivables method is used and an analysis of the accounts produces an estimate of $5,750 in uncollectible accounts. If an amount box does not require an entry, leave it blank. Page: ACCOUNT TITLE DOC. POST NO. REF DATE 20-- Dec. 31 Accounts recelvable, December 31, 20-- Less allowance for doubtful accounts Net realizable value