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1-) At December 31, 2016, Blossom Company Imports reported this information on its balance sheet. Accounts receivable $581,200 Less: Allowance for doubtful accounts 38,440 During
1-) At December 31, 2016, Blossom Company Imports reported this information on its balance sheet.
Accounts receivable | $581,200 | |
Less: Allowance for doubtful accounts | 38,440 |
During 2017, the company had the following transactions related to receivables.
1. | Sales on account | $2,863,600 | ||
2. | Sales returns and allowances | 72,240 | ||
3. | Collections of accounts receivable | 2,512,000 | ||
4. | Write-offs of accounts receivable deemed uncollectible | 42,630 | ||
5. | Recovery of bad debts previously written off as uncollectible | 14,180 |
Compute the accounts receivable turnover=???. (Round answer to 1 decimal place, e.g. 12.5.)
Compute the average collection period= ??? (Round answer to 1 decimal place, e.g. 12.5.)
2-)
June 1 | Purchased books on account for $1,065 (including freight) from Catlin Publishers, terms 2/10, n/30. | |
---|---|---|
3 | Sold books on account to Garfunkel Bookstore for $1,900. The cost of the merchandise sold was $700. | |
6 | Received $65 credit for books returned to Catlin Publishers. | |
9 | Paid Catlin Publishers in full. | |
15 | Received payment in full from Garfunkel Bookstore. | |
17 | Sold books on account to Bell Tower for $1,900. The cost of the merchandise sold was $750. | |
20 | Purchased books on account for $700 from Priceless Book Publishers, terms 1/15, n/30. | |
24 | Received payment in full from Bell Tower. | |
26 | Paid Priceless Book Publishers in full. | |
28 | Sold books on account to General Bookstore for $1,250. The cost of the merchandise sold was $810. | |
30 | Granted General Bookstore $270 credit for books returned costing $65. |
June -9
Account payable | 1000 | |
inventory | ? | |
cash | ? |
june - 24
cash | ? | |
sales discounts | ? | |
acct receivable | 1900 |
June -26
account payable | 700 | |
inventory | ? | |
cash | ? |
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