Homework Answers
Journal entry
| No | General Journal | Debit | Credit |
| 1 | No journal entry | ||
| 2 | Account receivable | 103100 | |
| Sales revenue | 103100 | ||
| 3 | Cash | 87500 | |
| Account receivable | 87500 | ||
b) Account receivable turnover = 103100/28200 = 3.66 Times
Days to collect account receivable = 365/3.66 = 99.73 Days
c) This is a decline trend in liquidity
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Exercise 7-21
Presented below is information for Metlock Company.
1.
Beginning-of-the-year Accounts Receivable balance was
$23,200.
2.
Net sales (all on account) for the year were $106,000. Metlock
does not offer cash discounts.
3.
Collections on accounts receivable during the year were
$82,500.
Metlock is planning to factor some accounts receivable at the end
of the year. Accounts totaling $12,400 will be transferred to
Credit Factors, Inc. with recourse. Credit Factors will retain 7%
of the balances for probable adjustments...
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Exercise 7-21
Presented below is information for Metlock Company.
1.
Beginning-of-the-year Accounts Receivable balance was
$23,200.
2.
Net sales (all on account) for the year were $106,000. Metlock
does not offer cash discounts.
3.
Collections on accounts receivable during the year were
$82,500.
Metlock is planning to factor some accounts receivable at the end
of the year. Accounts totaling $12,400 will be transferred to
Credit Factors, Inc. with recourse. Credit Factors will retain 7%
of the balances for probable adjustments...
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