1.

The following transactions took place for Parkers Grocery.

a.	Jan. 1	Loaned $58,000 to a cashier of the company and received back a one-year, 9 percent note.
b.	June 30	Accrued interest on the note.
c.	Dec. 31	Received interest on the note. (No interest has been recorded since June 30.)
d.	Dec. 31	Received principal on the note.

Required:

Prepare the journal entries that Parker's Grocery would record for the above transactions. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)

2. ShipIt Corporation reported the following rounded amounts (in millions):

May 31	2013			2012
Accounts Receivable	$	5,575		$	5,280
Allowance for Doubtful Accounts		(375)			(380)
Accounts Receivable, Net of Allowance	$	5,200		$	4,900
Net Sales (assume all on credit)	$	44,500		$	43,000

Required:

Determine the receivables turnover ratio and days to collect for 2013. (Use 365 days in a year. Do not round your intermediate calculations. Round your answers to 1 decimal place.)

Receivables Turnover Ratio		times
Days to Collect		days