A December 2016 Set 106,70 . 2.549.00 06.516 Cash 2.041.00 Accounts recebe 389.00 Sales Recrue Stles Returns and Alle 16,516 Accounts Recelake 2549, Accounts Recenoble Allowance for Deulofa Pecond 40,830 Accounts hereude Accounts Receivable Allowance for Ruble Accounts Cash 76350 Accounts Recente 40.620 16350 Enter the January 1, 2017, balances in Accounts Receivable and Allowance for Dout Accounts, post the entries to the accounts and determine the best entries in the order of journal entre posted in the previous part) Accounts Receivable Bal o 6o6.000 2.: 26,516 2,845,000 30 2,49.800 5. 16.350 + 40.80 1 . Bale 928.564 Allowance for Doubtful Accounts ( 4820 | Bale 34450 Balo 12,480 Prepare the journal entry to record bad debt sense for 2017, assuming that aging the accounts receivable indicates that estimated bad debts we 164,27. (Credit account titles are automatically indented when amount is entered. Do not indent manually) Account Titles and Explanation Debit Credit 64274-12480 51094 61014 Bad Bebt Expense Allowance for Doubtful Accounts Compute the accounts receivable turnover (Round answer to I decimal place, ag. 12.5.) Accounts receivable turnover times Compute the average collection period. (Hound answer to I decimal pl. 12.5.) days Average collection period Problem 8-2A At December 31, 2016, Sweet Acacia Industries Imports reported this information on its balance sheet. Accounts receivable $606,700 Less: Allowance for doubtful accounts 36,950 During 2017, the company had the following transactions related to receivables. 1. Sales on account $2,899,000 Sales returns and allowances 76,516 3. Collections of accounts receivable 2,549,800 Write-offs of accounts receivable deemed uncollectible 40,820 5. Recovery of bad debts previously written off as uncollectible 16,350 2. 4. No. Account Titles and Explanation Debit Credit 2899,000 2,999.000 1. Accounts receivable Sales Revenue 2. Sales Returns and Allowance 96,516 Accounts Receivable 116,516 3. Cash 21549,800 accounts Receivable 2,544.800 Allowance for Doubtful Accounts 40,820 Accounts Receivalle 40.820 Accounts Receivable 46,350 Allowance for Daulthel Accounts 16350 5. (To reinstate account previously written of Cash 16350 Accounts Receivable 16350 Enter the January 1, 2017, balances in Accounts Receivable and Allowance for Doubtful Accounts, entries in the order of journal entries posted in the previous part) Accounts Receivable Dal 606, no 06.516 5 4083 16.30 Cred 2.917.00 1 Accounts receivable 389,000 Sales Revenue 2. Sales Returns and Allowice 96.476 Accounts Receivale 01.516 2,54780 Accounts Recenoble 2.54.800 Allowance for Doubtful Pecout 40.820 Accounts Receivade 46.920 & Accounts Receivable 46,3850 Allowance for our Accounts 1850 Cash 10350 Accounts Receive 10350 8 Enter the January 1, 2017. balances in Accounts Receivable and Allowance for Doubtful Accounts, post the entries to the two accounts and determine the balances Post entries in the order of journal entries posted in the previous part) Accounts Receivable bon bo, DCD 16,516 : 2,828,000 36 2,644.800 5. 16.350 40 401820 . Bale 828,564 Allowance for Doubtful Account 4- 40.920 Bo 36450 Bale 13,80 Prepare the journal entry to record bad debt expense for 2017, assuming that aging the accounts receivable indicates that estimated bad debts are 164,274. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Credit 64274-12480 Debit Account Titles and Explanation Bad Bebt Expense 151094 Allowance for Doubtful Accounts Compute the accounts receivable turnover. (Round answer to 1 decimal place ... 12.5.) Accounts receivable turnover times Compute the average collection period. (Round answer to I decimal places, 12.5.) Average collection period days
