AC 300 Practice Set: Assignment 2 Widgets R Us, Inc. Year 2 (2017) Part A: Due Saturday, April 29 oou must submit printouts of your work): Step 1: Prepare journal entries (Word or Excel in good form for the transactions below. Step 2: Prepare adjusting journal entries (Word or Excel in good form (see next pag Here is specific information associated with particular journal entries above a. Using sales information from the first Assignment 2 Information Excel shee determine sales retums for transaction entries 4 and 6 and sales discounts for transaction entries 5 and 6 below b. Using inventory information from the second Assignment 2 Information Excel sheet, provide your calculations for ending inventory (AJE 2). c. Using bank reconciliation information from the third Assignment 2 Information Excel sheet, prepare a bank reconciliation at December 31, 2017 (AJE 8) Step 3: Post all ofthese entries to the opening worksheet provided and complete it. Record These 2017 Transactions: l. Sales for the year were $69,250, of which $56,250 were on credit and the remainder were cash sales (prepare a single compound entry) Information for accounts receivable entries (2-5) The company has five customers that buy on credit. Their account balances on January 1 2017 were as follows: Customer A: $500, Customer B: S275, Customer C: $250, Customer D: S750, and Customer E: S200 The credit sales for 2017 (recorded in transaction entry #1) are broken down by customer in a sheet entitled "Credit Sales Information for 2017. In 2017, the company changed its sales terms to incorporate a sales discount. The new terms are 2/10, n/30 2. Record January's entry to write off the amount due from Customer E as uncollectible. 3. Each of the other customers fully pays off their opening balance. Record the cash receipts. 4. Record the December 20th S750 return of merchandise purchased on December 10th for S1,500 by Customer C before they make payment. 5. After completing the credit sales worksheet, determine the amount of discounts taken and cash received in 2017. Then, record the sales discounts and cash receipts in a single entry 6. Record the following sales retum: On December 29, 2017, Customer A returned S500 of merchandise purchased on December 15 after paying for the entire purchase less discount The company sells three products the Handy Widget, Heavy Duty Widget, and International Widget. Information regarding the beginning balances, purchases and purchase returns are included in the second Assignment 2 Information Excel sheet. 7. Record the 2017 purchases on account ofS47,500 (assume a periodic inventory system) 8. Record the 2017 purchase returns of inventory as summarized on the second Excel sheet. The company returned the inventory before making payment 9. Record the 2017 payment of S48,400 for merchandise purchased on account. AC 300 Practice Set: Assignment 2 Widgets R Us, Inc. Year 2 (2017) Part A: Due Saturday, April 29 oou must submit printouts of your work): Step 1: Prepare journal entries (Word or Excel in good form for the transactions below. Step 2: Prepare adjusting journal entries (Word or Excel in good form (see next pag Here is specific information associated with particular journal entries above a. Using sales information from the first Assignment 2 Information Excel shee determine sales retums for transaction entries 4 and 6 and sales discounts for transaction entries 5 and 6 below b. Using inventory information from the second Assignment 2 Information Excel sheet, provide your calculations for ending inventory (AJE 2). c. Using bank reconciliation information from the third Assignment 2 Information Excel sheet, prepare a bank reconciliation at December 31, 2017 (AJE 8) Step 3: Post all ofthese entries to the opening worksheet provided and complete it. Record These 2017 Transactions: l. Sales for the year were $69,250, of which $56,250 were on credit and the remainder were cash sales (prepare a single compound entry) Information for accounts receivable entries (2-5) The company has five customers that buy on credit. Their account balances on January 1 2017 were as follows: Customer A: $500, Customer B: S275, Customer C: $250, Customer D: S750, and Customer E: S200 The credit sales for 2017 (recorded in transaction entry #1) are broken down by customer in a sheet entitled "Credit Sales Information for 2017. In 2017, the company changed its sales terms to incorporate a sales discount. The new terms are 2/10, n/30 2. Record January's entry to write off the amount due from Customer E as uncollectible. 3. Each of the other customers fully pays off their opening balance. Record the cash receipts. 4. Record the December 20th S750 return of merchandise purchased on December 10th for S1,500 by Customer C before they make payment. 5. After completing the credit sales worksheet, determine the amount of discounts taken and cash received in 2017. Then, record the sales discounts and cash receipts in a single entry 6. Record the following sales retum: On December 29, 2017, Customer A returned S500 of merchandise purchased on December 15 after paying for the entire purchase less discount The company sells three products the Handy Widget, Heavy Duty Widget, and International Widget. Information regarding the beginning balances, purchases and purchase returns are included in the second Assignment 2 Information Excel sheet. 7. Record the 2017 purchases on account ofS47,500 (assume a periodic inventory system) 8. Record the 2017 purchase returns of inventory as summarized on the second Excel sheet. The company returned the inventory before making payment 9. Record the 2017 payment of S48,400 for merchandise purchased on account