exo 8-9

exo 8 part level

plese for part D . explaix how you did it .

Your answer is partially correct. Try again. Presented below are data on three promissory notes. Determine the missing amounts. (Round intermediate calculations to 2 decimal places, e.g. 15.25 and final answers to 0 decimal places, e.g. 5,275. Use 360 days for calculation.) Maturity Date Annual Interest Rate Total Interest Date of Note Terms Principal (a) April 1 60 days May 31 $796,800 5 % 6640 (b) July 2. 30 days August 1 100,000 % $500 (c) March 7 6 months September 7 v 121,600 9 % Click if you would like to Show Work for this question: Open Show Work LINK TO TEXT VIDEO TUTORIAL Problem 8-1A (Part Level Submission) At December 31, 2018, Swifty Corporation reported the following information on its balance sheet. Accounts receivable Less: Allowance for doubtful accounts $949,000 87,000 During 2019, the company had the following transactions related to receivables. 1. Sales on account 2. Sales returns and allowances 3. Collections of accounts receivable 4. Write-offs of accounts receivable deemed uncollectible 5. Recovery of bad debts previously written off as uncollectible $3,932,200 51,000 2,842,000 95,000 28,000 (a) Your answer is correct. 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. Accounts Receivable 3932200 Sales Revenue 3932200 2 Sales Returns and Allowances 51000 Accounts Receivable HORORDT 510001 3 Cash 28420001 Accounts Receivable 2842000 4. Allowance for Doubtful Accounts 95000 4. Allowance for Doubtful Accounts 95000 Accounts Receivable 95000 5. Accounts Receivable 28000 Allowance for Doubtful Accounts 28000 (To reverse account previously written off.) Cash 28000 Accounts Receivable 28000 (To record the collection of accounts receivable.) Click if you would like to Show Work for this question: Open Show Work SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO TEXT LINK TO TEXT VIDEO: SIMILAR PROBLEM Attempts: 3 of 15 used (b) Your answer is correct. Enter the January 1, 2019, balances in Accounts Receivable and Allowance for Doubtful Accounts, post the entries to the two accounts (use T-accounts), and determine the balances. (Post entries in the order of journal entries presented in the previous part.) Accounts Receivable Bal v 949000||| (2) 51000 (1) 3932200 ||| (3) 2842000 (5) 28000 ||| (4) 95000 (5) 28000 Bal. 1893200 Allowance for Doubtful Accounts (4) 95000 || Bal. 87000 (5) 28000 Bal. 20000 Click if you would like to Show Work for this question: Open Show Work (c) Your answer is correct. Prepare the journal entry to record bad debt expense for 2019, assuming that an aging of accounts receivable indicates that expected bad debts are $275,200. (Cred indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit Bad Debt Expense 255200 Allowance for Doubtful Accounts 255200 Click if you would like to Show Work for this question: Open Show Work SHOW LIST OF ACCOUNTS (d) x Your answer is incorrect. Try again. Compute the accounts receivable turnover for 2019, assuming the expected bad debt information provided in (c). (Round answer to 2 decimal places, e.g. 25.25.) x Accounts receivable turnover ratio 2.21 || times Click if you would like to Show Work for this question: Open Show Work SHOW LIST OF ACCOUNTS