Use the data for Barkley Company in Problem 4-3B to complete the following requirements

Use the data for Barkley Company in Problem 4-3B to complete the following requirements. Required Prepare closing entries as of March 31, 2016 (the perpetual inventory system is used).   In prior years, the company experienced a 5% returns and allowance rate on its sales, which means approximately 5% of its gross sales were eventually returned outright or caused the company to grant allowances to customers. Compute the ratio of sales returns and allowances divided by gross sales. How does this year's ratio compare to the 5% ratio in prior years? (2) Current-year ratio, 6.0%

On May 7, Juanita Construction provides services on account to Michael Wolfe for $4,000

On May 7, Juanita Construction provides services on account to Michael Wolfe for $4,000. Michael pays for those services on May 13.

Required:

For Juanita Construction, record the service on account on May 7 and the collection of cash on May 13.


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