Exercise 8-17 a-c (Part Level Submission) Tamarisk, Inc. had accounts receivable of $230,000 on January 1, 2020. The only transactions that affected accounts receivable during 2020 were net credit sales of $1,785,000, cash collections of $1,695,000, and accounts written off of $40,000. a)Compute the ending balance of accounts receivable. b) Compute the accounts receivable turnover for 2020. c) Compute the average collection period in days.

Problem 8-01A a-d (Part Level Submission) (Video)

At December 31, 2019, Swifty Corporation reported the following information on its balance sheet.

Accounts receivable		$949,000
Less: Allowance for doubtful accounts		87,000

During 2020, the company had the following transactions related to receivables.

1.		Sales on account		$3,932,200
2.		Sales returns and allowances		51,000
3.		Collections of accounts receivable		2,842,000
4.		Write-offs of accounts receivable deemed uncollectible		95,000
5.		Recovery of bad debts previously written off as uncollectible		28,000

(a)

Prepare the journal entries to record each of these five transactions. Assume that no cash discounts were taken on the collections of accounts receivable. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)

No	Account Titles and Explanation	Debit	Credit
1.
2.
3.
4.
5.
	(To reverse account previously written off.)
	(To record the collection of accounts receivable.)

(b) The parts of this question must be completed in order. This part will be available when you complete the part above.

(c) The parts of this question must be completed in order. This part will be available when you complete the part above.

(d) The parts of this question must be completed in order. This part will be available when you complete the part above.