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07-46 Name: Melody Chaffee To enter the journal entries, select the appropriate account titles from the drop-down lists provided in the blue-shaded...
Accounting for Receivables—Journal EntriesThe following transactions affecting the accounts receivable of Wonderland Corporationtook place during the year ended January 31, 2013:Sales (cash and credit) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $691,050Cash received from credit customers, all of whom took advantage of thediscount feature of the corporation’s credit terms 4/10, n/30 . . . . . . . . . . . . . . . . . . . . . . . . . . 303,800Cash received from cash customers. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 310,270Accounts receivable written off as worthless. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,250Credit memoranda issued to credit customers for sales returns and allowances. . . . . . . . . . . . . . . 83,800Cash refunds given to cash customers for sales returns and allowances . . . . . . . . . . . . . . . . . . . . 13,318Recoveries on accounts receivable written off as uncollectible in prior periods(not included in cash amount stated above) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,290The following two balances were taken from the January 31, 2012, balance sheet:Accounts Receivable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $95,842Allowance for Bad Debts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,740 (credit)The corporation provides for its net uncollectible account losses by creditingAllowance for Bad Debts for 1.5% of net credit sales for the fiscal period.Instructions:1. Prepare the journal entries to record the transactions for the year ended January31, 2013.2. Prepare the adjusting journal entry for estimated uncollectible accounts onJanuary 31, 2013.07-46
