Can you help me
1) Prepare the journal entry to record the bad debt expense on December 31, 2017, assuming the credit manager estimates that 4% of the accounts receivable will become uncollectible
2) Prepare the current assets section of the balance sheet for Blossom Industries on December 31, 2017.
3) 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
timesAverage collection period
days
At December 31, 2017, Blossom Industries reports the following selected accounts from the unadjusted trial balance for its first year of operations:
AccountDebitCreditAccounts receivable$840,000Accounts payable$420,000Cash48,000Cost of goods sold2,100,000Interest receivable1,350Interest revenue2,700Merchandise inventory390,000Notes receivable, due April 10, 201854,000Prepaid insurance9,600Short-term investments60,000Sales4,900,000Sales returns and allowances120,000Unearned revenue30,000
ACCOUnting Principles, Seventh Canadian Edition, Volume 1 Help | System Announcements tice Assignment Gradebook ORION Downloadable eTextbook ment Short-Term Investments Merchandise Inventory Prepaid Insurance 960 Total Current A 1321350 SHOW LIST OF ACCOUNTS LINK TO TEXT * Your answer is incorrect. Try again. Calculate the receivables turnover and collection period. (Remember that this is the end of the fir Receivables turnover 1.9 times Average collection period 30.8 days olicy | @ 2000-2020 John Wiley & Sons, Inc. All Rights Reserved. A Division of John Wiley & Sons, Inc.S Weygandt, Accounting Principles, Seventh Canadian Edition, Volume 1 Help | System Announcements ctice Assignment Gradebook ORION Downloadable eTextbook nment Your answer is correct. Prepare the journal entry to record the bad debt expense on December 31, 2017, assuming the credit manage not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for Date Account Titles and Explanation Credit Dec. 31 Bad Debt Expense 3 3600 Allowance for Doubtful Accounts 33600 SHOW LIST OF ACCOUNTS SHOW SOLUTION SHOW ANSWE LINK TO TEXT Your answer is partially correct. Try again. Prepare the current assets section of the balance sheet for Blossom Industries on December 31, 2017. (List curre BLOSSOM INDUSTRIES Balance Sheet (Partial) December 31, 2017 icy Policy |@ 2000-2020 john Wiley & Sons, Inc. All Rights Reserved. A Division of John Wiley & Sons, Inc.Content X WileyPLUS X Mail - Aghavni Poladyan - Outlo https://edugen.wileyplus.com/edugen/Iti/main.uni PLUS Weygandt, Accounting Principles, Seventh Canadian Edition, Volume 1 Help | System Announcements tudy & Practice Assignment Gradebook ORION Downloadable eTextbook pen Assignment SOURCES Lab#8 Question 5 At December 31, 2017, Blossom Industries reports the following selected accounts from the unadjusted trial balance for its Account Debit Credit Accounts receivable $840,000 Accounts payable $420,000 Cash 18,000 Cost of goods sold 2,100,000 by Study Interest receivable 1,350 Interest revenue 2,700 Merchandise inventory 390,000 Notes receivable, due April 10, 2018 54,000 Prepaid insurance 9,600 Short-term investments 60,000 Sales 4,900,000 Sales returns and allowances 120,000 Unearned revenue 30,000 Your answer is correct. Prepare the journal entry to record the bad debt expense on December 31, 2017, assuming the credit manager estimates th not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts ment | Privacy Policy. | @ 2000-2020 John Wiley & Sons, Inc. All Rights Reserved, A Division of John Wiley & Sons, Inc.ORION nment loadable eTextbook BLOSSOM INDUSTRIES Balance Sheet (Partial) Decem 48000 Accounts Receivable X 840000 Allowance for Doubtful Accounts 33600 806400 1350 Interest Receivable Notes Receivable 54000 x Short-Term Investments 60000 390000 andise Inventory 9600 id Insurance Q 2000-2020 John Wiley & Sons, Inc. All Rights Reserved. A Division of John Wiley & Sons, Inc. Policy V PS
