I need a second opinion for an answer on this. Thank you.

Apr 1, 09	Accepted a $20,000, one - year, 8% note dated April 1 from Bruce Hanson for the sale of inventory; Cost of Goods Sold was $16,500.
June 27	Wrote off the $2,375 balance owed by Miller Corp., which has no assets.
Oct. 5	Received 25% of the $12,000 balance owed by F.M. Knox Co., a bankrupt, and wrote off the remainder as uncollectible.
Dec. 31	Based on an analysis of the $257,724 of accounts receivable, it was estimated that $14,500 will be uncollectible. Record the adjusting entry using the Aging method.
Dec. 31	Record the adjusting entry for interest accrued on the Bruce Hanson note
Dec. 31	Record the entries to close the appropriate accounts into Retained Earnings.
April 1, 10	Collected the maturity value on the Hanson note.

Determine the net accounts receivable (the amount Summer expects to collect as of December 31 and enter in the Project 3 Excel Spreadsheet Problem 2 Parts 2 - 6 tab).

Compute the accounts receivable turnover and the days sales in receivables for the year. Assume that there were $1,800,000 sales account. (You will need to refer to the Project 3 Excel Spreadsheet Problem 2 part 7 - 8 tab).

How is Summer Company doing with collection of their accounts receivable compared to the industry? Assume the industry average for the accounts receivable turnover is 11 and the industry average for the days sales in receivables is 37 days? (Enter in the Project 3 Excel Spreadsheet Problem 2 part 7- 8 tab).

Problem 2: Requirement 3 Jou mal Entry Date Accounts Debit Credit 1 09 ouma Entry Date Acco unts Debit Credit un. 2709 Jouma Entry Date Acco unts Debit Credit Oct.509 ouma Date Acco unts Debit Credit Oct. 5 09 Jouma Entry Date Accounts Debit Credit Dec. 31 09 ouma Date Acco unts Debit Credit Dec. 31 09 Jouma Entry Date Acco unts Debit Credit Dec. 31 09 ouma Entry Date Accounts Debit Credit Dec. 31 09 Jouma Entry Date Accounts Debit Credit Apri 01 10 Requirement 6: Net Accounts Recevable Partial Balance Sheet: Accounts Recervable Less: Allowance for Doubtful Accounts Accounts Receivable, net