B QS 7-17 Accounts receivable turnover LO A1 The following data are for Ruggers Company Accounts receivable, net Net sales Current Year $ 156,600 1,021,105 1 Year ago $ 141,700 1,070,600 Complete the below table to calculate the accounts receivable turnover for the current year. * Answer is complete but not entirely correct. Accounts Receivable Turnover Choose Denominator: Accounts Receivable Turnover Choose Numerator: Accounts receivable turnover 6.7 times Net sales Average accounts receivable, net 148,750 1,001,105 Levine Company uses the perpetual inventory system. Apr. & Sold merchandise for $7,300 (that had cost $5,395) and accepted the customer's Suntrust Bank Card. Suntrust charges a 41 fee. 12 Sold merchandise for $4,400 (that had cost $2,851) and accepted the customer's Continental Card. Continental charges a 2.55 tee. Prepare journal entries to record the above credit card transactions of Levine Company. (Round your answers to the nearest whole dollar amount.) ok 2 View transaction list int Journal entry worksheet ences 4 Sold merchandise for $4,400 and accepted the customer's Continental Card. Continental charges a 2.5% fee. Nobel Enter debit before credits Debit Credit General Journal bate Apr 12 View general Journal Clear entry Record entry Exercise 7-2 Accounting for credit card sales LO C1 Levine Company uses the perpetual inventory system Apr. 8 Sold merchandise for $7,300 (that had cost $5,395) and accepted the customer's Suntrast Bank Card. Suntrust charges a 40 fee. 12 Sold merchandise for 54,400 (that had cost $2,851) and accepted the customer's Continental Card. Continental charges a 2.5$ fee. Prepare journal entries to record the above credit card transactions of Levine Company. (Round your answers to the nearest whole dollar amount.) View transaction lit Journal entry worksheet 2 3 Record the cost of goods sold, $2,851. Note: Enter debits before credits Debit Credit General Journal Date Apr 12 View general Journal Clear entry Record entry Exercise 7-7 Percent of accounts receivable method LO P3 Mazie Supply Co. uses the percent of accounts receivable method On December 31, it has outstanding accounts receivable of $99,000, and it estimates that 4% will be uncollectible. Prepare the year-end adjusting entry to record bad debts expense under the assumption that the Allowance for Doubtful Accounts has: (a) a $1,683 credit balance before the adjustment (b) a $495 debit balance before the adjustment. View transaction list Journal entry worksheet > Prepare the year-end adjusting entry to record bad debts expense under the assumption that the Allowance for Doubtful Accounts has a $1,683 credit balance before the adjustment. Note: Enter debits before credits General Journal Debit Credit Transaction (a) Record entry Clear entry View general Journal Exercise 7-7 Percent of accounts receivable method LO P3 Mazie Supply Co. uses the percent of accounts receivable method On December 31, it has outstanding accounts receivable of $99,000, and it estimates that 4% will be uncollectible. Prepare the year-end adjusting entry to record bad debts expense under the assumption that the Allowance for Doubtful Accounts has: (a) $1,683 credit balance before the adjustment (b) a $495 debit balance before the adjustment View transaction list Journal entry worksheet
