Hello I'm practicing for my study these are my wrong questions. Could someone please provide some explanation ? so that I can compare with my working paper and catch where my mistake started.
Date Account Titles and Explanation Debit Credit Jan.6 Jan. 16 LINK TO TEXT For item 2, prepare the entries required on January 10, January 15, March 10, and March 31 on Sheffield Company's books. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit v v v v VCarla Vista Company has accounts receivable of $205,000 at September 30, 2017. An analysis of the accounts shows the following: Month of Sale Balance September $144,606 August 30,367 July 17,012 April, May, and June 13,014 $205,000 Credit terms are 2/10, n/30. The unadjusted balance in the Allowance for Doubtful Accounts on September 30, 2017, is $2,310 debit. The company uses an aging schedule to estimate uncollectible accounts. The company's percentage estimates of bad debts are as follows: Number of Days Estimated % Outstanding Uncollectible 0-30 4% 31-60 10% 61-90 25% Over 90 60% Prepare an aging schedule to determine the total estimated uncollectible accounts at September 30, 2017. (Round answers to 0 decimal places, e.g. 5,275.) Estimated Age of Accounts Amount 0/0 Uncollectible 0-30 days outstanding $144,606 31-60 days outstanding 30,367 10% 61-90 days outstanding 17,012 25% Over 90 days outstanding 13,014 60%Estimated Age of Accounts Amount 0/o Uncollectible 0-30 days outstanding $144,606 40%% 31-60 days outstanding 30,367 10% 61-90 days outstanding 17,012 25% Over 90 days outstanding 13,014 60% LINK TO TEXT What is the net realizable value of the accounts receivable at September 30, 2017? ( Round answers to 0 decimal places, e.g. 2,275.) Net realizable value LINK TO TEXT Prepare the adjusting entry at September 30 to record bad debt expense. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Round answers to 0 decimal places, e.g. 2,275.) Date Account Titles and Explanation Debit Credit Sept. 30Oriole Supply Co. has the following transactions: Nov. 1 Loaned $65,000 cash to A. Morgan on a one-year, 9% note. 15 Sold goods to H. Giorgi on account for $12,400, terms n/30. The goods cost Oriole $7,750. Oriole uses the perpetual inventory system. Dec. 1 Sold goods to Wrightman, Inc., receiving a $21,700, three-month, 7% note. The goods cost Oriole $14,467. 15 H. Giorgi was unable to pay her account. Giorgi gave Oriole a six-month, 8% note in settlement of her account. 31 Accrued interest revenue on all notes receivable. Interest is due at maturity. Mar. 1 Collected the amount owing on the Wrightman note. June 15 H. Giorgi defaulted on the note. Future payment is expected. Record the transactions for Oriole Supply Co. (Round answers to 0 decimal places, e.g. 5,275. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter "0" for the amounts. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit (To record sale of merchandise on account) v (To record cost of merchandise sold) v (To record sale) (To record cost of merchandise sold)[To record cost of merchandise solo) (To record sale) (To record cost of merchandise sold) v v v vThe following information (in millions) was taken from the December 31 financial statements of Canadian National Railway Company: 2014 2013 2012 Accounts receivable, gross $937 $822 $841 Allowance for doubtful accounts 9 10 Accounts receivable, net 928 815 831 Revenues 12,134 10,575 9,920 Total current assets 2,066 1,977 1,869 Total current liabilities 2,201 2,498 2,203 Calculate the 2014 and 2013 current ratios. (Round answers to 2 decimal places, e.g. 52.75.) 2014 2013 Current Ratio LINK TO TEXT Calculate the receivables turnover and average collection period for 2014 and 2013. (Round turnover ratio answers to 2 decimal places, e.g. 52.75 and collection period to 1 decimal place. Use 365 days for calculation.) 2014 2013 Receivables Turnover times times Average Collection Period days days
