Question

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CALCULATOR PRINTER VERSION BACK NEXT Problem 8-1A (Part Level Submission) At December 31, 2018, Bramble Corp. reported the following information on its balance sheet. Accounts receivable Less: Allowance for doubtful accounts $972,000 82.000 During 2019, the company had the following transactions related to receivables. 1. Sales on account 2. Sales returns and allowances 3. Collections of accounts receivable 4. Write-offs of accounts receivable deemed uncollectible 5. Recovery of bad debts previously written off as uncollectible $3,715,300 45,000 2,899,000 91,000 30,000 (a) Your answer is correct. Prepare the journal entries to record each of these five transactions. Assume that no cash discounts were taken on the collections of accounts receivable. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) New s and Explanation Debit Credit 1. Accounts Receivable 3715300 Sales Revenue 371530 2. Sales Returns and Allowances Accounts Receivable 3. Cash Accounts Receivable Allowance for Doubtful Accounts Account Receive Accounts Receivable T allowance for Dout Accounts (To reverse account previously written o.) Accounts Receiva 30000 (To record the collection of accounts receivable) Click of you would like to show work for this question Open Show Work

Answer 1

Net beginning account receivable = 972000-82000 = 890000

Net ending account receivable = 1691300-151300 = 1540000

Average account receivable = (890000+1540000/2) = 1215000

Account receivable turnover = net Sales/Average account receivable = 3669300/1215000 = 3.02 Times