Sullivan Equipment Sales showed the following. Required a. Determine the maturity dates of the March 1 and
Question:
Sullivan Equipment Sales showed the following.
Required
a. Determine the maturity dates of the March 1 and November 1 notes.
b. Prepare entries as appropriate for each date.
Analysis Component: Sullivan?s receivable turnovers at December 31, 2020 and 2021 were 7 and 7.5, respectively. Explain what this ratio measures and whether the change in the ratio for Sullivan was favourable or unfavourable.
MaturityMaturity is the date on which the life of a transaction or financial instrument ends, after which it must either be renewed, or it will cease to exist. The term is commonly used for deposits, foreign exchange spot, and forward transactions, interest...
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2020 Sold $25,000 of merchandise for $29,000 to JanCo; terms 3/5, n/15. Jan. 15 Wrote off Fedun's account in the amount of $15,000. 16 20 Collected the amount owing from the January 15 sale. Accepted a $12,000, 60-day, 7% note dated this day in granting Parker Holdings a time extension on its past-due Mar. account. Sold merchandise costing $62,000 for $71,000 to customers who used their Visa credit cards. Assume Visa charges a 1% fee and deposits the cash electronically into the retailer's account immediately at the time of sale. Apr. 15 Parker Holdings honoured the note dated March 1. Accepted a $24,000, three-month, 6% note dated this day in granting Grant Company a time extension on its past-due account. Nov. Dec. 31 Sullivan's year-end. Interest was accrued on outstanding notes receivable. Bad debts are based on an aging analysis that estimated $9,700 of accounts receivable are uncollectible. Allowance for Doubtful Accounts showed an unadjusted credit balance of $1,600 on this date. 31 2021 Grant Company dishonoured its note dated November 1, 2020. Recovered $1,500 from Derek Holston that was previously written off. Mar. Wrote off the Grant Company account. 14
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a Maturity dates are April 30 2020 and February 1 2021 respectively b 2020 Jan 15 Accounts Receivable JanCo 2900000 Sales 2900000 To record credit sal...View the full answer
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Related Book For
Fundamental Accounting Principles Volume I
ISBN: 978-1260305821
16th Canadian edition
Authors: Kermit Larson, Tilly Jensen, Heidi Dieckmann
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