During 2017, the company had the following transactions related to receivables.

Question

During 2017, the company had the following transactions related to receivables. 1. Sales on account 2. Sales returns and allowances $2,897,600 92,120 2,533,000 43,430 5,010 4. Write-offs of accounts receivable deemed uncollectible 5. Recovery of bad debts previously written off as uncollectible ? (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. (Omit cost of goods sold entries.) (Credit account titles are automatically indented when amount is entered. Do not indent manually.) No. Account Titles and Explanation 1. Accounts Receivable Debit Credit 2897600 Sales Revenue 2897600 2. Sales Returns and Allowances 92120

Explanation / Answer

Accounts receivable turnover = Net credit sales / Average Accounts receivable

( 2897600 - 92120 ) / [ ( 561200 + 790250 ) / 2 ]

2805480 / 675725 =

4.1518 times

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