Homework Answers
1
.Account receivable turnover = Net sales /Average account receivable
= $ 520,000/$ 84,000 = 6.190476 or 6.19
Hence option “6.19” is correct answer.
2.
Adjusting Entry Company should make at the end of the current to record its estimated bad debt expenses is:
|
Bad Debt Expenses |
31,215 |
|
|
Allowance for Doubtful Accounts |
31,215 |
Bad debt expenses = $ 31,750 - $ 535 = $ 31,215
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2
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