can you help journaize?
I got my journaling right, but I'm confused how to do the balances on the accounts.
since I dont have the right numbers to begin with,, I cant do the acct turnover or the ave collection
I dont understand. What you are seeing is a picture is what's on my laptop screen.
Homework Answers
Ledger Accounts : Opening Balances were not entered in the accounts:
| Accounts Receivable | |||
| Opening | $ 581,200.00 | $ 72,240.00 | 2 |
| 1 | $ 2,863,600.00 | $ 2,512,000.00 | 3 |
| 5 | $ 14,180.00 | $ 42,630.00 | 4 |
| $ 14,180.00 | 5 | ||
| Ending Balance | $ 817,930.00 | ||
| Allowance for Doubtful Debts | |||
| $ 38,440.00 | Opening | ||
| 4 | $ 42,630.00 | $ 14,180.00 | 5 |
| $ 9,990.00 | Ending Balance | ||
| Receivables Turnover | Credit Sales / Average Accounts Receivable | 4.1 times | =(2863600-72240)/((542760+807940)/2) |
| Average Collection Period | 365/Receivable Turnover | 89.0 days | =365/4.1 |
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can you help journaize? I got my journaling right, but I'm confused how to do the balances on the accounts....
At the beginning of the current period, Larkspur Corp. had balances in Accounts Receivable of $202,700...
At the beginning of the current period, Larkspur Corp. had balances in Accounts Receivable of $202,700 and in Allowance for Doubtful Accounts of $9,200 (credit). During the period, it had net credit sales of $744,100 and collections of $829,950. It wrote off as uncollectible accounts receivable of $7,798. However, a $2,979 account previously written off as uncollectible was recovered before the end of the current period. Uncollectible accounts are estimated to total $26,820 at the end of the period. (Omit...
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hello, can you please correct the red box? Thanks The question is in the second picture,...
hello, can you please correct the red box?
Thanks
The question is in the second picture, please correct the red
box, thanks!
of $8,520 (credit). During the period, it had credit sales of $722,500 and collections of $708,940. It wrote off as uncollectible accounts receivable of $7,972. However, a $3,275 account previously written off as uncollectible was recovered before the end of the current period. Uncollectible accounts are estimated to total $22,740 at the end of the period. (Omit cost...
Am i doing this problem right? The Marigold Corp. uses the allowance method in accounting for...
Am i doing this problem right?
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At the beginning of the current period, Sheridan Company had balances in Accounts Receivable of $203,500...
At the beginning of the current period, Sheridan Company had balances in Accounts Receivable of $203,500 and in Allowance for Doubtful Accounts of $8,620 (credit). During the period, it had net credit sales of $739,000 and collections of $813,450. It wrote off as uncollectible accounts receivable of $7,198. However, a $2,978 account previously written off as uncollectible was recovered before the end of the current period. Uncollect ible accounts are estimated to total $26,810 at the end of the period....
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hello, can you please correct the red box?
Thanks
The question is in the second picture, please correct the red
box, thanks!
of $8,520 (credit). During the period, it had credit sales of $722,500 and collections of $708,940. It wrote off as uncollectible accounts receivable of $7,972. However, a $3,275 account previously written off as uncollectible was recovered before the end of the current period. Uncollectible accounts are estimated to total $22,740 at the end of the period. (Omit cost...
Am i doing this problem right?
The Marigold Corp. uses the allowance method in accounting for uncollectible accounts. Pas unele L receivable will eventually be uncollectible. Selected account balances at December 31, 2021, and December 31, 2022, appear below: Net Credit Sales Accounts Receivable Allowance for Doubtful Accounts 12/31/2021 12/31/2022 $401,000 $537,000 90,000 130,000 4,300 Record the following events in 2022. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record journal entries in...
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