Antman Corporation is a small private corporation that sells desktop printers to local businesses and schools....

 

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Antman Corporation is a small private corporation that sells desktop printers to local businesses and schools. On May 1, 2022, the following were the account balances of Antman Corporation: Cash Accounts Receivable Inventory (750 units) Van Furniture & Fixtures Total Debits Debits 75750 30000 142500 67500 22500 During May 2022, the following transactions took place: May 1: Bought 240 desktop printers for $300 each on account. 338250 Other Information: Required: Allowance for Doubtful Accounts Accumulated Depreciation (Van) Accumulated Depreciation (Fumiture & Fixtures) Accounts Payable Common Shares Retained Eamings Total Credits May 1: Bought a van, paying $10500 cash as a down payment and signed a 10 month $30000, 9% note payable for the balance. The company paid $675 to have its company logo painted on the side of the van. The residual value is $8250. The old van was sold for $6000; it cost $67500 and acculumated depreciation up to the date of disposal was $60000. May 10: Sold 180 printers to Hela Inc. on account. May 12: Wakanda Ltd. agreed to sign a 90-day note receivable to replace a $1950 accounts receivable due that day. The interest rate on the note is 10.5%. May 20: Sold 11 printers to Dr. Strange Inc. using a VISA card to pay for the transaction. A 3% service fee is charged by VISA. May 22: Sold 135 printers to Stephen Strange Public School on account. May 24: Returned for credit 5 damaged printers from Hela Inc., costing $360 each. May 28: Received payment in full from Hela Inc. for the balance owing. May 28: Wrote off as uncollectable $4950 of accounts receivable. May 29: Paid accounts payable, $18750. May 30: Recovered an accounts receivable that was written off in April, $1125. May 31: Paid operating expenses totalling $68250. May 31: Recorded interest on the note payable. May 31: Recorded interest on the notes receivable. May 31: The company records the bad debt expense based on the aging of accounts receivables, which follows: May 31: Recorded depreciation on the van and the furniture & fixtures. The company uses straight-line depreciation for the van. The van is estimated to be used for 7 years. The fumiture & fixtures are depreciated using the straight-line method over 9 years. There is no residual value on the fumiture and fixtures. Credits 4500 Number of Days Outstanding 0-30 days 31-60 days 61-90 days. Accounts Receivable $40500 $22500 $6375 6% 18% Estinated Percentage Uncollectable 1.5% 60000 7500 18750 30000 217500 338250 90+ days $1350 37.5% 1) The selling price for each of the printers is $675. 2) Antman Corporation uses the FIFO method under the perpetual inventory system to account for inventory. 3) In the past, Antman Corporation has used the following accounts on their financial statements: Bad Debt Expense, Cost of Goods Sold, Credit Card Fee, Depreciation Expense, Gain on Sale, Interest Expense, Interest Payable, Interest Receivable, Interest Revenue, Loss on Sale, Notes Payable, Notes Receivable, Operating Expenses, Sales Retums, Sales Revenue. Not all accounts have been used each period. 1) Prepare the journal entries for the transactions including any adjusting joumal entries for the month of May 31, 2022. Place your answer under "Requirement 1" in the "Answer" tab. A reminder to round all final numbers to the nearest dollar. Do not round during calculations. Ensure your spelling is accurate. Do not use abbreviations for your accounts. Spell them out in their entirety. A reminder to only use the accounts given in the question. Antman Corporation is a small private corporation that sells desktop printers to local businesses and schools. On May 1, 2022, the following were the account balances of Antman Corporation: Cash Accounts Receivable Inventory (750 units) Van Furniture & Fixtures Total Debits Debits 75750 30000 142500 67500 22500 During May 2022, the following transactions took place: May 1: Bought 240 desktop printers for $300 each on account. 338250 Other Information: Required: Allowance for Doubtful Accounts Accumulated Depreciation (Van) Accumulated Depreciation (Fumiture & Fixtures) Accounts Payable Common Shares Retained Eamings Total Credits May 1: Bought a van, paying $10500 cash as a down payment and signed a 10 month $30000, 9% note payable for the balance. The company paid $675 to have its company logo painted on the side of the van. The residual value is $8250. The old van was sold for $6000; it cost $67500 and acculumated depreciation up to the date of disposal was $60000. May 10: Sold 180 printers to Hela Inc. on account. May 12: Wakanda Ltd. agreed to sign a 90-day note receivable to replace a $1950 accounts receivable due that day. The interest rate on the note is 10.5%. May 20: Sold 11 printers to Dr. Strange Inc. using a VISA card to pay for the transaction. A 3% service fee is charged by VISA. May 22: Sold 135 printers to Stephen Strange Public School on account. May 24: Returned for credit 5 damaged printers from Hela Inc., costing $360 each. May 28: Received payment in full from Hela Inc. for the balance owing. May 28: Wrote off as uncollectable $4950 of accounts receivable. May 29: Paid accounts payable, $18750. May 30: Recovered an accounts receivable that was written off in April, $1125. May 31: Paid operating expenses totalling $68250. May 31: Recorded interest on the note payable. May 31: Recorded interest on the notes receivable. May 31: The company records the bad debt expense based on the aging of accounts receivables, which follows: May 31: Recorded depreciation on the van and the furniture & fixtures. The company uses straight-line depreciation for the van. The van is estimated to be used for 7 years. The fumiture & fixtures are depreciated using the straight-line method over 9 years. There is no residual value on the fumiture and fixtures. Credits 4500 Number of Days Outstanding 0-30 days 31-60 days 61-90 days. Accounts Receivable $40500 $22500 $6375 6% 18% Estinated Percentage Uncollectable 1.5% 60000 7500 18750 30000 217500 338250 90+ days $1350 37.5% 1) The selling price for each of the printers is $675. 2) Antman Corporation uses the FIFO method under the perpetual inventory system to account for inventory. 3) In the past, Antman Corporation has used the following accounts on their financial statements: Bad Debt Expense, Cost of Goods Sold, Credit Card Fee, Depreciation Expense, Gain on Sale, Interest Expense, Interest Payable, Interest Receivable, Interest Revenue, Loss on Sale, Notes Payable, Notes Receivable, Operating Expenses, Sales Retums, Sales Revenue. Not all accounts have been used each period. 1) Prepare the journal entries for the transactions including any adjusting joumal entries for the month of May 31, 2022. Place your answer under "Requirement 1" in the "Answer" tab. A reminder to round all final numbers to the nearest dollar. Do not round during calculations. Ensure your spelling is accurate. Do not use abbreviations for your accounts. Spell them out in their entirety. A reminder to only use the accounts given in the question.