(L07) Recent financial statements of General Mills, Inc. report net sales of $12,442,000,000. Accounts receivable are

$912,000,000 at the beginning of the year and $953,000,000 at the end of the year. Compute General Mills’ accounts receivable turnover. Compute General Mills’ average collection period for accounts receivable in days.

B E7-15 (L08) Finman Company designated Jill Holland as petty cash custodian and established a petty cash fund of $200.

The fund is reimbursed when the cash in the fund is at $15, which it is. Petty cash receipts indicate funds were disbursed for office supplies $94 and miscellaneous expense $87. Prepare journal entries for the establishment of the fund and the reimbursement.

B E7-16 (L08) Horton Corporation is preparing a bank reconciliation and has identified the following potential reconciling items. For each item, indicate if it is (1) added to balance per bank statement, (2) deducted from balance per bank statement,

(3) added to balance per books, or (4) deducted from balance per books.

(a) Deposit in transit $5,500.

(d) Outstanding checks $7,422.

(b) Bank service charges $25.

(e) NSF check returned $377.

(c) Interest credited to Horton’s account $31.