The following transactions occurred in February. Both companies use a perpetual inventory system Feb 14: Jim Company purchased merchandise from Pam Company for $8,800, terms 2/10, 1/30, with freight FOB destination. The merchandise cost Pam Company $5,300 Feb 20: Jim Company returned damaged merchandise to Pam Company and was given a purchase allowance of $1,100. Pam determined the retumed merchandise was in good working order and retumed them to inventory. The merchandise had cost Pam $700. Feb 24. Jim Company paid the amount due to Pam Company, in full less any allowable discount Required a) Prepare all required journal entries related to the above transactions from Jim Company's perspective. Omit joumal entry descriptions but clearly date each transaction b) Prepare all required joumal entries related to the above transactions from Pam Company's perspective. Omit joumal entry descriptions but clearly date each transaction Date Creed Enterprises Inc. tracks the number of units purchased and sold throughout the year, but applies its inventory costing method at the end of the year as if it uses a periodic inventory system. Its accounting records provided the following information for the most recent year ending December 31: Transaction Units Unit Cost Unit Price Jan 1 Beginning inventory 1000 $11 Jan 13 Purchase 2600 13 Feb 6 Sale 1200 $23 Apr 7 Purchase 900 16 Apr 10 Returned items purchased Apr 7 100 Jul 5 Sale 2000 25 Oct 22 Purchase 500 17 Required: a) Assume that Creed uses the FIFO inventory costing method. Calculate the following (round to nearest dollar): California Consulting Corp. (CCC) provides corporate consulting services. The company uses the percentage of sales method to estimate bad debts for internal monthly reporting purposes. At the end of each quarter, the company adjusts its records using the aging of accounts receivable method. The company entered into the following transactions during the first quarter of 2020: 1. During January, CCC provided services for $25,700 on account. 2. On January 31, CCC estimated bad debt using 1% of sales. 3. On February 5, CCC wrote off a customer balance of $1500 that was deemed uncollectible. 4. During February, CCC provided services for $18,800 on account. 5. On February 29, CCC estimated bad debt using 1% of sales. 6. On March 1. CCC loaned $1,200 to an employee who signed a 6% note, due in four months. 7. On March 31, CCC adjusted for uncollectible accounts, based on the aging analysis presented below, which includes the preceding transactions and others not listed). Prior to the adjustment, the Allowance for Doubtful Accounts had an unadjusted credit balance of $1,100. 8. On March 31, CCC accrued interest earned on the note. Accounts Receivable Amount Estimated Uncollectible (%) Total 0-30 Days 31-60 Days61-90 DaysOver 90 Days $12,700 $6,500 $3,100 $2,000 $1,100 4% 12% 25% 50% Required: Prepare journal entries for each of items 1 to 8. Record your answers in the space provided below. NOTE: Use full proper account names, as shown in class and in the textbook: do NOT use abbreviations. Enter all amounts in whole dollars only, with NO special characters (dollar sign, comma, etc.) of any kind. For example, for $1,000, write 1000 only, not 1000.00, not $1,000, etc. Item #Account Name(s) Debit Credit On August 15, 2020, Scott Inc., an Ontario-based company, purchased a machine from Automation Corp, based in Winnipeg, for $150,000. The machine was shipped to Scott Inc. on September 1, 2020 on freight terms FOB shipping point and was installed by Scott Inc. on September 15, 2020. Freight costs totaled $700 and installation costs were another $5,000. The machine is expected to have an operational life of 10 years, after which it will have a salvage value of $5,000. Scott Inc. has a December 31st fiscal year-end and uses the double-declining balance method of depreciation. Required: 1. Provide the journal entry to record depreciation on the machine at December 31, 2020. 2. Provide the journal entry to record depreciation for the December 31, 2021 year-end. 3. Assume that on February 15, 2022, Scott Inc. sold the machine for $100,000 cash. Provide all appropriate journal entries related to the disposal. On January 1, 2020, Packer Packaging, Inc. issued $60,000 of 5%, semi-annual interest bonds with a 10-year term for proceeds totaling $55,537. At that time, the market rate of interest on similar bonds was 6% Interest payment dates are July 1st and January 1st. Packer Packaging, Inc. uses the effective- interest method to account for its bonds, as required under IFRS. Part A Complete the amortization schedule for the first three bond payments by filling in the missing amounts in the table below (the first row is completed for you). ENTER ALL AMOUNTS IN WHOLE, POSITIVE NUMBERS ONLY, ROUNDED TO THE NEAREST DOLLAR. DO NOT USE DOLLAR SIGNS, COMMAS, OR ANY OTHER SPECIAL CHARACTERS. Discount Remaining Date Carrying Value - Beg. Interest Expense Interest Payment Amortization Unamortized Carrying Value - End Discount 1/1/2020 4463 55537 7/1/2020 Schrutes Fruits Inc.'s charter authorizes the company to issue up to 200,000 common shares. As of January 1, 2020, Schrute's Fruits Inc.'s shareholders equity section of the balance sheet reported the following Common shares (outstanding: 41,000 shares) $574,000 During 2020, the following transactions related to shareholders' equity occurred in the order given Mar 3: Reacquired and cancelled 7,000 common shares at S15 cash per share from shareholders. Apr 22: Declared and paid a 10% stock dividend when the market price per share was $16 per share. June 15: Declared a cash dividend of $2 per share to all shareholders of record on June 30. The dividend is payable July 5. July 5: Paid the dividend from June 15. There was no contributed surplus balance at the beginning of the year. Required: Provide the journal entries to record the above transactions, using the table below to record your answers. NOTE: USE FULL, PROPER ACCOUNT NAMES AS USED IN CLASS AND IN THE TEXTBOOK - NO ABRREVIATIONS. ENTER DOLLAR AMOUNTS IN WHOLE DOLLARS ONLY: NO COMMAS, NO DOLLAR SIGN, NO DECIMALS. Account Namets) Debit Credit Mar 3 Date Apr 22 Jun 15 Juls