I need (d) the answer is not 2.85 or 2.86 I’ve tried. Problem 8-1A (Part Level S

Question

I need (d) the answer is not 2.85 or 2.86 I’ve tried.
Problem 8-1A (Part Level Submission) At December 31, 2013, Dean Co. reported the following information on its balance sheet. Accounts receivable Less: Allowance for doubtful accounts $971,620 70,010 During 2014, the company had the following transactions related to receivables. 1. 2. 3. 4. Sales on account Sales returns and allowances Collections of accounts receivable Write-offs of accounts receivable deemed uncollectible $3,3 17,380 51,380 2,828,930 93,550 25,230 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 automatically indented when amount is entered, no not ind

Explanation / Answer

Calculate account receivable turnover :

Beginning net account receivable = (971620-70010) = 901610

Ending net account receivable = (1315140-1690) = 1313450

Net account receivable = (901610+1313450)/2 = 1107530

Account receivable turnover = Net sales/average account receivable

= 3266000/1107530

Account receivable turnover = 2.95 times

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