Homework Answers
|
Date |
General journal |
Debit |
Credit |
|
Jan. 5 |
Accounts Receivable—Sheldon Company |
20000 |
|
|
Sales Revenue |
20000 |
||
|
Jan. 20 |
Notes Receivable |
20000 |
|
|
Accounts Receivable—Sheldon Company |
20000 |
||
|
Feb. 18 |
Notes Receivable |
8000 |
|
|
Sales Revenue |
8000 |
||
|
Apr. 20 |
Cash (20,000 + 450) |
2450 |
|
|
Notes Receivable |
20000 |
||
|
Interest Revenue (20,000 * 9% * 3/12) |
450 |
||
|
Apr. 30 |
Cash ($25,000 + $1,000) |
26000 |
|
|
Notes Receivable |
25000 |
||
|
Interest Revenue (25,000 * 12% * 4/12) |
1000 |
||
|
May 25 |
Notes Receivable |
6000 |
|
|
Accounts Receivable—Potter Inc. |
6000 |
||
|
Aug. 18 |
Cash ($8,000 + $360) |
8360 |
|
|
Notes Receivable |
8000 |
||
|
Interest Revenue (8,000 * 9% * 6/12) |
360 |
||
|
Aug. 25 |
Accounts Receivable—Potter Inc. (6000+105) |
6105 |
|
|
Notes Receivable |
6000 |
||
|
Interest Revenue (6,000 * 7% * 312) |
105 |
||
|
Sept. 1 |
Notes Receivable |
12000 |
|
|
Sales revenue |
12000 |
Sales revenue = 20000+8000+12000 = 40000
Accounts receivable = 20000-20000+6105= 6105
Accounts receivable turnover ratio = sales revenue / accounts receivable = 40000/6105 = 6.55 times
Average collection days’ = 365/ accounts receivable = 365/6.55 = 55.73 days
Account receivable turnover ratio is comparatively low and because of it takes longer to collect dues for the credit sales.
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$138,800, Notes Receivable $40,800, and Allowance for Doubtful
Accounts $28,800. The note receivable is from Willingham Company.
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prepares financial statements annually at December 31. During the
year, the following selected transactions occurred.
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Sold $34,800 of merchandise
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20
Accepted Sheldon Company’s
$34,800, 3-month, 7% note for balance due.
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