The practice quiz

1.The following transactions affecting the accounts receivable of Wonderland Corporation took place during the year ended January 31, 2015:

Sales (cash sales of $210,270 and remaining credit)$591,050

Cash received from credit customers, all of whom took

advantage of the discount feature of the companys credit

terms 4/10, n/30 303,800

(assume gross method for discounts is used)

Cash received from cash customers210,270

Accounts receivable written off as worthless5,250

Credit issued to credit customers for

sales returns and allowances 63,800

(no allowance for sales returns currently set up)

Cash refunds given to cash customers for sales

returns and allowances13,318

Recoveries on accounts receivable written off as

uncollectible in prior periods (not included in cash

amount stated above)8,290

The following two balances were taken from the January 31, 2014 balance sheet:

Accounts receivable:95,842

Allowance for doubtful accounts9,740 (credit)

The corporation provides for its net uncollectible account losses by crediting Allowance for Bad Debts for 4.5% of ending accounts receivable.

Instructions:

1.Prepare the journal entries to record the transactions for the year ended January 31, 2015

2.Prepare the adjusting journal entry for estimated uncollectible accounts on January 31, 2015.

2.The following information for the month of March is available from Batters, Inc.s accounting records:

- Balance per bank statement, March 2015$12,100

- Cash balance per books, March 31, 201515,295

- Deposit made on February 28; recorded by bank on March 33,600

- March 31, 2015 outstanding checks:

#2346438

#2348231

#2355107

- Bank service charge for March (not recorded

yet by Betters)54

- NSF check of customer returned by bank 832

- A check drawn on Moore Co. erroneously chargedto Batters275

- A $347 check to a supplier in payment of account waserroneously recorded on Batters books as $437?

- Deposit made on March 31, recorded by bank April 32,900

Required:

Prepare a March 31, 2015 bank reconciliation in good form.

Intermediate Accounting I Quiz #3 (Take Home) Spring 2017 Name____________________________________________________________________________ 1. The following transactions affecting the accounts receivable of Wonderland Corporation took place during the year ended January 31, 2015: Sales (cash sales of $210,270 and remaining credit) Cash received from credit customers, all of whom took advantage of the discount feature of the company's credit terms 4/10, n/30 (assume gross method for discounts is used) Cash received from cash customers Accounts receivable written off as worthless Credit issued to credit customers for sales returns and allowances (no allowance for sales returns currently set up) Cash refunds given to cash customers for sales returns and allowances Recoveries on accounts receivable written off as uncollectible in prior periods (not included in cash amount stated above) $591,050 303,800 210,270 5,250 63,800 13,318 8,290 The following two balances were taken from the January 31, 2014 balance sheet: Accounts receivable: 95,842 Allowance for doubtful accounts 9,740 (credit) The corporation provides for its net uncollectible account losses by crediting Allowance for Bad Debts for 4.5% of ending accounts receivable. Instructions: 1. Prepare the journal entries to record the transactions for the year ended January 31, 2015 2. Prepare the adjusting journal entry for estimated uncollectible accounts on January 31, 2015. 2. The following information for the month of March is available from Batters, Inc.'s accounting records: - Balance per bank statement, March 2015 $12,100 - Cash balance per books, March 31, 2015 15,295 - Deposit made on February 28; recorded by bank on March 3 3,600 - March 31, 2015 outstanding checks: #2346 438 #2348 231 #2355 107 - Bank service charge for March (not recorded yet by Betters) 54 - NSF check of customer returned by bank 832 - A check drawn on Moore Co. erroneously charged to Batters 275 - A $347 check to a supplier in payment of account was erroneously recorded on Batter's books as $437 ? - Deposit made on March 31, recorded by bank April 3 2,900 Required: Prepare a March 31, 2015 bank reconciliation in good form