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can someone please help me with my accounting homework Part III Remington Company had the following select transactions. Record the journal entry at each date
can someone please help me with my accounting homework Part III Remington Company had the following select transactions. Record the journal entry at each date of transaction: Apr. 1, 2020 Accepted Carter Company's 1-year, 12% note in settlement of a $30,000 account receivable. July 1, 2020 Loaned $20,000 cash to David Pratt on a 12-month, 10% note. Dec. 31, 2020 Accrued interest on all notes receivable. Apr. 1.2021 Received principal plus interest on the Carter note. Jun 30, 2021 David Pratt informed Remington that he would not be able to repay the loan. He stated that his auto accident may result in a large cash settlement; thereafter he would be able to pay Remington Jul. 1, 2021 David Pratt informed Remington that he had lost his lawsuit from the auto accident and has no ability to pay Remington; not now, and not in the future. Part IV The following information was obtained from the records of Captain, Inc.: Beginning Accounts Receivable: $200,000 Beginning Allowance for Doubtful Accounts: $12,000 Beginning Inventory: $540,000 Ending Accounts Receivable: $240,000 Ending Allowance for Doubtful Accounts: $16,000 Ending Inventory: $500,000 Sales: $1,800,000 Sales Returns: S20,000 Cost of Goods Sold: $860,000 Requirements: 1. Calculate the Accounts Receivable turnover and average days for collection: 2. Calculate the inventory turnover and average days in inventory
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