. [ - b) Prepare the appropriate adjusting entries on March 31, 2024. Hint: Some additional information is provided below but where else might you look to find details relevant to preparing the adjusting entries? ltis estimated that utilities used during March totalled $20,580. Actual count of ending merchandise inventory on March 31, 2024 was $1,757,530. Management estimates uncollectible accounts receivable based on the following rates of uncollectibility applied to outstanding accounts: Not yet due (2%), 1-30 days past due (9%), 31-60 days past due (18%), Greater than 61 days past due (60%). Since this is an estimate please round your final answer to the nearest whole dollar. Income taxes are estimated to be $281,700. 31/Mar 31/Mar 31/Mar Accounts Receivable, Holden Corp. Cash_ to record nsf Utilities Expense_ Utilities Payable_ to record utilities Cost Of Goods Sold__ . Merchandise Inventory, to adjust inventory Bad Debts Expense.........., Allowance for Doubtful Accounts to record doubtful accounts Income Taxes Expense_ Income Taxes Payable_ to record income tax expense 20,580 152,829 60,824 281,700 20,580 152,829 60,824 281,700 Bank Service Charge Expense Cash to record bank service charge Cash_ Interest Receivable to record interest Interest Expense Interest Payabl to record interest expense To record prepaid insurance Salaries Expense_ Salaries Payable_ To record salaries Insurance Expense........... Prepaid Insurance.................... The question was: a) The following bank statement was received. Prepare a bank reconciliation for March: Cheques/Charges/Debits Deposits/Credits Balance 1,079,385.50 #1110 01/Mar 5,200 01/Mar 27,000 |1,101,185.50 NSF Cheque 04/Mar 58,659 1,042,526.50 #1111 05/Mar 510,000 532,526.50 #1112 14/Mar 553,000 14/Mar 340,256 | 319,782.50 15/Mar 441 | 320,223.50 17/Mar 24,750 | 344,973.50 #1114 18/Mar 8,400 336,573.50 #1115 22/Mar 49,200 22/Mar 1,594,950 (1,882,323.50 #1116 25/Mar 623,280 1,259,043.50 #1118 31/Mar 50,000 1,209,043.50 Service Charge 31/Mar 1,200 1,207,843.50 Additional Information: The NSF cheque was received in February from Holden Corp. for a sale dated February 15. Bank statement balance. 1,197,171.50 1,197,171.50 Outstanding cheques: 58,659 Bank service charge 1,200 59,859 Adjusted bank balance Adjusted book balance 1,137,312.50 Debit 1,197,171.50 1,041,600 150,070 94 665 Merchandise inventory 1,910,359 Prepaid insurance_ 28,000 Office furniture 8,400 Accounts payable 320,400 Common shares 70,750 Retained earnings 2,322,362 Cash dividends declared 48 200 287.50 3,016,300 39,494 Cost of goods sold 1,106,321 Office salaries expense 24,000 Sales salaries expense 76,000 Rent expense, office space 3,120 Rent expense, selling space Gain on sale of property, plant and equipment assets 381 Totals 5,730,480.50 5,730,480.50 29/ Feb 1/Mar 1/Mar 5/Mar 14/ 14/ 15/ 15/ 17/ 18/ 22/ 22/ 25/ 30/ 31/ 29/ Mar Mar Mar Mar Mar Mar Mar Mar Mar Mar Mar Feb 5/Mar 13/ 14/ 22/ 30/ 30/ Mar Mar Mar Mar Mar Opening balance Paid cash for rent Sold all store equipment for cash Issued cheque for purchase Received customer payment, Paid invoice for merchandise Collection of interest Faid cash for salaries_ Issued shares Paid invoice for office furnitu Declared and paid dividends Received customer payment Paid invoice for merchandise Paid utility bill Paid cash for salaries Opening balance Courtland Corp. : Sold merchandise on credit Courtland Corp. : Sold merchandise on credit Courtland Corp. : Received customer payment Courtland Corp. : Received customer payment Ludwig Inc. : Sold merchandise on credit Benson Inc. : Wrote off uncollectible account 27,000 340,256 4,410 24,750 1,584,950 347,200 1,627,500 1,041,600 5,200 510,000 553,000 50,000 8,400 49,200 623,280 24,500 50,000 347,200 1,627,500 174,500 1,079,385.50 1,074,185.50 1,101,185.50 591,185.50 931,441.50 378,441.50 382,851.50 332,851.50 357,601.50 348,201.50 300,001.50 1,894,851.50 1,271,671.50 1,247 ,171.50 1,197,171.50 174,500 521,700 2,149,200 1,802,000 174,500 1,216,100 1,041,600 Allowance for Doubtful Accounts Account No. 107 Date Explanation F Debit Credit Balance 29/Feb Opening balance. 24,430 30/Mar Wrote off uncollectible account GJ2 174,500 -150,070 Interest Receivable Account No. 109 Date Explanation F Debit Credit Balance 29/Feb |Opening balance. 287.50 15/Mar Collection of interest GJ1 287.50 0 Notes Receivable Account No. 111 Date Explanation F Debit Credit Balance 29/Feb Opening balance. 98,500 15/Mar Collection of interest GJ1 3,835 94,665 Merchandise Inventory Account No. 119 Date Explanation F Debit Credit Balance 29/Feb |Opening balance.. 1,520,000 5/Mar Sold merchandise on credit, GJ1 128,000 1,392,000 8/Mar Purchased merchandise. GJ1 553,000 1,945,000 13/Mar Sold merchandise on credit. GJ1 597,825 1,347,175 21/Mar Purchased merchandise on credit. GJ2 636,000 1,983,175 25/Mar Paid invoice for merchandise. GJ2 12,720 1,970,455 26/Mar Purchased merchandise inventory on credit. GJ2 320,400 2,290,855 30/Mar |Sold merchandise on credit GJ2 380,496 1,910,359 Prepaid Insurance Account No. 128 Date Explanation F Debit Credit Balance 29/Feb Opening balance 28,000 Office Furniture Account No. 157 Date Explanation F Debit Credit Balance 9/Mar Purchased furniture on credit GJ1 10,500 10,500 11/Mar Received a credit memorandum GJ1 2, 100 8,400Store Equipment Account No. 165 Date Explanation F Debit Credit Balance 29/Feb Opening balance. 70,050 1/Mar |Sold all store equipment for cash GJ1 70,050 0 Accumulated Depreciation, Store Equipment Account No. 166 Date Explanation F Debit Credit Balance 29/Feb |Opening balance. 43,431 1/Mar Sold all store equipment for cash GJ1 43,431 0 Accounts Payable Account No. 201 Date Explanation F Debit Credit Balance 29/Feb Opening balance.. 510,000 5/Mar Callaho Inc. : Issued cheque for purchase. GJ1 510,000 0 8/Mar Weber Inc. : Purchased merchandise GJ1 553,000 553,000 9/Mar Allarco Inc. : Purchased furniture on credit. GJ1 10,500 563,500 11/Mar |Allarco Inc. : Received a credit memorandum. GJ1 2, 100 561,400 14/Mar Weber Inc. : Paid invoice for merchandise.. GJ1 553,000 8,400 18/Mar Allarco Inc. : Paid invoice for office furniture. GJ2 8,400 0 21/Mar Callaho Inc. : Purchased merchandise on credit. GJ2 636,000 636,000 25/Mar Callaho Inc. : Paid invoice for merchandise. GJ2 636,000 0 26/Mar Dylex Corporation : Purchased merchandise inventory on credit GJ2 320,400 320,400 Utilities Payable Account No. 212 Date Explanation F Debit Credit Balance 29/Feb Opening balance 24,500 30/Mar Paid utility bill GJ2 24,500 0 Common Shares Account No. 307 Date Explanation F Debit Credit Balance 29/Feb Opening balance.. 46,000 17/Mar Issued shares GJ2 24,750 70,750Retained Earnings Account No. 318 Date Explanation F Debit Credit Balance 29/Feb Opening balance 2,322,362 Cash Dividends Declared Account No. 319 Date Explanation F Debit Credit Balance 22/Mar Declared and paid dividends. GJ2 49,200 49,200 Interest Earned Account No. 409 Date Explanation F Debit Credit Balance 15/Mar Collection of interest GJ1 287.50 287.50 Sales Account No. 413 Date Explanation F Debit Credit Balance 5/Mar Sold merchandise on credit GJ1 347,200 347,200 13/Mar |Sold merchandise on credit, GJ1 1,627,500 1,974,700 30/Mar Sold merchandise on credit GJ2 1,041,600 3,016,300 Sales Discounts Account No. 415 Date Explanation F Debit Credit Balance 14/Mar Received customer payment GJ1 6,944 6,944 22/Mar Received customer payment GJ2 32,550 39,494 Cost Of Goods Sold Account No. 502 Date Explanation F Debit Credit Balance 5/Mar |Sold merchandise on credit.. GJ1 128,000 128,000 13/Mar Sold merchandise on credit GJ1 597,825 725,825 30/Mar Sold merchandise on credit GJ2 380,496 1, 106,321 Office Salaries Expense Account No. 620 Date Explanation F Debit Credit Balance 15/Mar Paid cash for salaries. GJ2 12,000 12,000 31/Mar Paid cash for salaries. GJ2 12,000 24,000Office Salaries Expense Account No. 620 Date Explanation F Debit Credit Balance 15/Mar |Paid cash for salaries. GJ2 12,000 12,000 31/Mar |Paid cash for salaries GJ2 12,000 24,000 Sales Salaries Expense Account No. 621 Date Explanation F Debit Credit Balance 15/Mar Paid cash for salaries. GJ2 38,000 38,000 31/Mar Paid cash for salaries GJ2 38,000 76,000 Rent expense, office space Account No. 641 Date Explanation F Debit Credit Balance 1/Mar Paid cash for rent GJ1 3,120 3,120 Rent expense, selling space Account No. 642 Date Explanation F Debit Credit Balance 1/Mar Paid cash for rent GJ1 2,080 2,080 Gain on Sale of Property, Plant and Equipment Assets Account No. 7081 Date Explanation F Debit Credit Balance 1/Mar Sold all store equipment for cash GJ1 381 381