Eastern Products reported the following amounts in its 2019 financial statements. The 2018 amounts are given for comparison (Click the icon to view the financial data.) Read the requirements Requirement 1. Compute Eastern's quick (acid-test) ratio at the end of 2019. Round to two decimal places. How does the quick ratio compare with the industry average of 0.927 Begin by selecting the formula, then enter the amounts and compute the quick (acid-test) ratio. (Abbreviation used: Cash Cash and cash equivalents, Round the quick (acid-test) ratio to two decimal places.) Quick (acid-test) ratio On April 30, Premier Party Planners had a $42,000 balance in Accounts Receivable and a $3,424 credit balance in Allowance for Uncollectible Accounts. During May. Premier made credit sales of $197.000. May collections on account were $171,000, and write-offs of uncollectible receivables totaled $2,860. Uncollectible-accounts expense is estimated as 3% of credit sales. No sales returns are expected. Ignore cost of goods sold Read the requirements Requirement 1. Journalize sales, collections, write-offs of uncollectibles, and uncollectible-account expense by the allowance method during May. Explanations are not required. (Record debits first, then credits. Exclude explanations from any journal entries.) (a) Begin by recording the journal entry for May sales. Journal Entry Date Accounts Debit Credit