1.i)

ii)(a) The accounts receivable turnover ratio is 8.14, and average net receivables during the period are $400,000. What is the amount of net credit sales for the period?

(b) Texaco Oil Company issues its own credit cards. Assume that Texaco charges you $40 on an unpaid balance. Prepare the journal entry that Texaco makes to record this revenue.

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Information related to Tesco Company for 2020 is summarized below. Total credit sales $1.200.000 Accounts receivable at December 31 370,000 Bad debts written off 25,150 Instructions (a) What amount of bad debts expense will Tesco Company report if it uses the direct write-off method of accounting for bad debts? (b) Assume that Tesco Company decides to estimate its bad debts expense to be 2% of credit sales. What amount of bad debts expense will Tesco record if Allowance for Doubtful Accounts has a credit balance of $3,000? (c) Assume that Tesco Company decides to estimate its bad debts expense based on 6% of accounts receivable. What amount of bad debts expense will Tesco Company record if Allowance for Doubtful Accounts has a credit balance of $4.000? (d) Assume the same facts as in (c), except that there is a $2,000 debit balance in Allowance for Doubtful Accounts. What amount of bad debts expense Tesco record? (e) What is the weakness of the direct write-off method of reporting bad debts expense