Answered step by step
Verified Expert Solution
Question
1 Approved Answer
At December 31, 2021. Oriole Industries reports the following selected accounts from the unadjusted trial balance for its first year of operations: Debit Credit $574,000
At December 31, 2021. Oriole Industries reports the following selected accounts from the unadjusted trial balance for its first year of operations: Debit Credit $574,000 $287,000 Account Accounts receivable Accounts payable Cash Cost of goods sold Interest receivable 32,800 1.435,000 925 interest revenue 1,850 266,500 36,900 Merchandise inventory Notes receivable, due April 10, 2022 Prepaid insurance Refund liability Short-term investments 6,560 65,000 41,000 Sales 4.989.700 Sales returns and allowances 82,000 Unearned revenue 20.500 Prepare the journal entry to record the bad debt expense on December 31, 2021, assuming the credit manager estimates that 4% of the accounts receivable will become uncollectible. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter o for the amounts.) Date Account Titles and Explanation Debit Credit Dec. 31 (To record estimate of uncollectible accounts.) eTextbook and Media List of Accounts ORIOLE INDUSTRIES Balance Sheet (Partial) Assets $ eTextbook and Media List of Accounts MacBook Pro Calculate the receivables turnover and collection period. (Remember that this is the end of the first year of business.) (Round answers to 1 decimal place, e.g. 52.7. Use 365 days for calculation) Receivables turnover times Average collection period days e Textbook and Media List of Accounts
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access with AI-Powered Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started