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could someone provide the correct answers for reqiuired 2 required 3 required 4 required 5 The following transactions occurred over the months of September to
could someone provide the correct answers for reqiuired 2 required 3 required 4 required 5 The following transactions occurred over the months of September to December at Nicole's Getaway Spa (NGS). September Sold spa nerchandise to Ashley Walch Beauty for $2.ee on account; the cost of these goods to NGS was $1,eee. October Sold merchandise to Kelly Fast Nail Gallery for $550 on account the cost of these goods to NGS was $250. November Sold merchandise to Raea Gooding Wellness for $400 on account the cost of these foods to NGS was $240. December Received $1,150 from Ashley Welch Beauty for payment on its account Required: 1. Prepare journal entries for each of the transactions. Assume a perpetual inventory system 2. Estimate the Allowance for Doubtful Accounts required at December 31, assuming the only receivables outstanding at December 31 arise from the transactions listed above. NGS uses the aging of accounts receivable method with the following uncollectible rates: one month, 1%; two months, 5%, three months, 20% more than three months, 40% 3. The Allowance for Doubtful Accounts balance was $52 (credit before the end-of-period adjusting entry is made. Prepare the journal entry to account for the Bad Debt Expense 4. Assume the end of the previous year showed net accounts receivable of $850, and net sales for the current year are $9.500. 5. Audrey's Mineral Spa has an accounts receivable turnover ratio of 12.0 times. How does NGS compare to this competitor? Answer is not complete. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Required 5 Requirea 1 requirea requireas required Required Prepare journal entries for each of the transactions. Assume a perpetual inventory system. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) No General Journal Debit Date September Credit 1 2,050 Accounts Receivable Sales Revenue 2.050 2 September Cost of Goods Sold Inventory 1.000 o 1.000 3 October 0 550 Accounts Receivable Sales Revenue 550 4 October 250 Cost of Goods Sold Inventory 250 5 November 400 > Accounts Receivable Sales Revenue 400 Oo oo 0 November 240 Cost of Goods Sold Inventory 240 7 December Cash Accounts Receivable 1.350 Answer is not complete. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Required 5 Estimate the Allowance for Doubtful Accounts required at December 31, assuming the only receivables outstanding at December 31 arise from the transactions listed above. NGS uses the aging of accounts receivable method with the following uncollectible ratest one month, 1% two months, 5% three months, 20%, more than three months, 40%. Estimated Uncollectible One Month Two Months 20 Three Months 110 More than Three Months 440 Total 870 0 $ Answer is not complete. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Required 5 The Allowance for Doubtful Accounts balance was 552 (credit) before the end-of-period adjusting entry is made. Prepare the Journal entry to account for the Bad Debt Expense. (If no entry is required for a transaction/event, select "No Journal Entry Required in the first account field.) Transaction General Journal Debit Credit Bad Debt Expense Allowance for Doubtful Accounts No 1 570 570 hanswer is not complete. Complete this question by entering your answer swers in the tabs below. Required 1 Required 2 Required 3 Required 4 Required Assume the end of the previous year showed net accounts receivable of $850, and net sales for the current year are $9,500. Calculate the accounts receivable turnover ratio. (Do not round intermediate calculations. Round your final answer to 1 decimal place) Accounts Recevable Turnover Ratio 1.300.0 times
could someone provide the correct answers for reqiuired 2 required 3 required 4 required 5
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