Weygandt, Financial& Managerial Accounting, 2e Help I System Announcements Grade

Question

Weygandt, Financial& Managerial Accounting, 2e Help I System Announcements Gradebook ORION Downloadable eTextbook Assignment signment CES Problem 8-1A (Part Level Submission) At December 31, 2016, House Co. reported the following information on its balance sheet. Accounts receivable Less: Allowance for doubtful accounts During 2017, the company had the following transactions related to receivables $959,200 78,600 Study1. 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 $3,730,500 48,500 2,816,600 90,700 28,550 (a) Your answer is correct. Prepare the journal entries to record each of these five transactions. Assume that no cash discounts were ta automatically indented when amount is entered. Do not indent manually.) No Account Titles and Explanation Debit Credit 2

Explanation / Answer

c Balance before adjustment 16450 Balance needed 115000 Adjustment required 98550 Bad debt exxpense 98550 Allowance for Doubtful Debts 98550 D The receivable turnover ratio is calculated by dividing net credit sales by the average net receivables. Net receivables for 2016 (959200-78600) 880600 Net receivables for 2017 (1733900-115000) 1618900 Average of net receivables(880600+1618900)/2 1249750 AR turnover ratio for 2017 (3730500-48500)/1249750 2.95

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