Question

1 Approved Answer

Posted on Sep 29, 2024

At December 31, 2021. Novak Co. reported the following information on its balance sh Accounts receivable $962,400 Less: Allowance for doubtful accounts 78,100 During 2022,

At December 31, 2021. Novak Co. reported the following information on its balance sh Accounts receivable $962,400 Less: Allowance for doubtful accounts 78,100 During 2022, the company had the following transactions related to receivables. 1. $3,717,300 2. 49.200 3. Sales on account Sales returns and allowances Collections of accounts receivable Write-offs of accounts receivable deemed uncollectible Recovery of accounts previously written off as uncollectible 2.803.200 4. 89.000 5. 28,000 (a) Prepare the journal entries to record each of these five transactions. Assume that no ca 5 sty D MacBook Air 3: F2 80 . a F4 ao F3 FE +7 23 A 2 W $ 4 % 5 & 7 6 8 ey.com/wasulNz/assessment-player/index.html?launchidef321b20e-d79c-4b5a-8041-313fcd7e091a/question/1 Question 2 of 6 -75 No Account Titles and Explanation Debit Credit 1. 2 3. I 4 tv CA 09 MacBook Air 42 WC d: FE Fe 18 1 D $ 4 3 % 5 A 6 & 7 T C 9 1 0 8 W E R T Y U O P S D F G H K. estion 2 of 6 2. 3. 4. I 5. To reverse account previously written off) to record the collection odiaco able sty F E 22 A A TAN MacBook Air BO Fa a bil SP 00 #2 DO 10 41 $ 4 % 5 & 7 0) 00. C 9 ) 0 E R T Y U I 0 RET G H V estion 2 of 6 Enter the January 1, 2022, balances in Accounts Receivable and Allowance for Doubtful Accounts, post the entries to the accounts (use T-accounts), and determine the balances. (Post entries in the order of journal entries presented in the previous par Accounts Receivable 1 Allowance for Doubtful Accounts etv FN > NEBO SO :p co Du F $ 4 3 % 5 & 7 3 6 8 C 9 o W E 20 T Y Y U 1 O P S D TI G H J L estion 2 of 6 2 Prepare the journal entry to record bad debt expense for 2022, assuming that an aging of accounts receivable indicates th expected uncollectibles are $ 115,000. (Credit account titles are automatically indented when amount is entered. Do not indem manually) Account Titles and Explanation Debit Credit eTextbook and Media List of Accounts Save for Later Attempts: 0 of 2 used Submit A (d) tv . A L MacBook Air 50 DI ds DO G FO A ) # 3 $ 4 % 5 & 7 C 9 6 8 o E R T Y U o D F G H J L Save for Later Attempts: 0 of 2 used Submit Answer Compute the accounts receivable turnover and average collection period for 2022. (Round accounts receivable turnover to 2 decimal places, 68.25.25 and average collection period to 1 decimal place, es, 252) Accounts receivable turnover ratio times Average collection period days e Textbook and Media List of Accounts Save for later Attempts. Oof 2 used Submit Answer stva @A 169 MacBook Air MO 23 re FT ce $ 4 %6 5 &7 C 9 > O 3 . 6 8 7 E R T Y U O " D G J L V B N M 96 nd command At December 31, 2021. Novak Co. reported the following information on its balance sh Accounts receivable $962,400 Less: Allowance for doubtful accounts 78,100 During 2022, the company had the following transactions related to receivables. 1. $3,717,300 2. 49.200 3. Sales on account Sales returns and allowances Collections of accounts receivable Write-offs of accounts receivable deemed uncollectible Recovery of accounts previously written off as uncollectible 2.803.200 4. 89.000 5. 28,000 (a) Prepare the journal entries to record each of these five transactions. Assume that no ca 5 sty D MacBook Air 3: F2 80 . a F4 ao F3 FE +7 23 A 2 W $ 4 % 5 & 7 6 8 ey.com/wasulNz/assessment-player/index.html?launchidef321b20e-d79c-4b5a-8041-313fcd7e091a/question/1 Question 2 of 6 -75 No Account Titles and Explanation Debit Credit 1. 2 3. I 4 tv CA 09 MacBook Air 42 WC d: FE Fe 18 1 D $ 4 3 % 5 A 6 & 7 T C 9 1 0 8 W E R T Y U O P S D F G H K. estion 2 of 6 2. 3. 4. I 5. To reverse account previously written off) to record the collection odiaco able sty F E 22 A A TAN MacBook Air BO Fa a bil SP 00 #2 DO 10 41 $ 4 % 5 & 7 0) 00. C 9 ) 0 E R T Y U I 0 RET G H V estion 2 of 6 Enter the January 1, 2022, balances in Accounts Receivable and Allowance for Doubtful Accounts, post the entries to the accounts (use T-accounts), and determine the balances. (Post entries in the order of journal entries presented in the previous par Accounts Receivable 1 Allowance for Doubtful Accounts etv FN > NEBO SO :p co Du F $ 4 3 % 5 & 7 3 6 8 C 9 o W E 20 T Y Y U 1 O P S D TI G H J L estion 2 of 6 2 Prepare the journal entry to record bad debt expense for 2022, assuming that an aging of accounts receivable indicates th expected uncollectibles are $ 115,000. (Credit account titles are automatically indented when amount is entered. Do not indem manually) Account Titles and Explanation Debit Credit eTextbook and Media List of Accounts Save for Later Attempts: 0 of 2 used Submit A (d) tv . A L MacBook Air 50 DI ds DO G FO A ) # 3 $ 4 % 5 & 7 C 9 6 8 o E R T Y U o D F G H J L Save for Later Attempts: 0 of 2 used Submit Answer Compute the accounts receivable turnover and average collection period for 2022. (Round accounts receivable turnover to 2 decimal places, 68.25.25 and average collection period to 1 decimal place, es, 252) Accounts receivable turnover ratio times Average collection period days e Textbook and Media List of Accounts Save for later Attempts. Oof 2 used Submit Answer stva @A 169 MacBook Air MO 23 re FT ce $ 4 %6 5 &7 C 9 > O 3 . 6 8 7 E R T Y U O " D G J L V B N M 96 nd command