in March 1, Terrell \& Associates provides legal services to Whole Grain Bakery regarding some recent food poisoning complaints. egal services total $11,000. In payment for the services, Whole Grain Bakery signs a 9% note requiring the payment of the face mount and interest to Terrell \& Associates on September 1. equired: or Terrell \& Associates, record the acceptance of the note receivable on March 1 and the cash collection on September 1 . (If no entry sequired for a particular transaction/event, select "No Journal Entry Required" in the first account field.) Journal entry worksheet Record the acceptance of the note receivable for legal services provided. Note: Enter debits before credits. On March 1, Terrell \& Associates provides legal services to Whole Grain Bakery regarding some recent food poisoning complaints. Legal services total $11,000. In payment for the services, Whole Grain Bakery signs a 9% note requiring the payment of the face amount and interest to Terrell \& Associates on September 1. Required: For Terrell \& Associates, record the acceptance of the note receivable on March 1 and the cash collection on September 1 . (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) Journal entry worksheet Record the cash received on note receivable and interest. Note: Enter debits before credits. Required information [The following information applies to the questions displayed below.] On January 1, 2024, the general ledger of 3D Family Fireworks includes the following account balances: During January 2024 , the following transactions occur: January 2 Provide services to customers for cash, $35,100. January 6 Provide services to customers on account, $72,400. January 20 Pay cash for salaries, $31,400. January 22 Receive cash on accounts receivable, $70,000. January 25 Pay cash on accounts payable, $5,500. January 30 Pay cash for utilities during January, $13,700. 7. Analyze how well 3D Family Fireworks manages its receivables: a-1. Calculate the receivables turnover ratio for the month of January. (Hint: For the numerator, use total services provided to customers on account.) (Round your final answer to 1 decimal place.) a-2. If the industry average of the receivables turnover ratios for the month of January is 4.2 times, is the company collecting cash from customers more or less efficiently than other companies in the same industry? b-1. Calculate the ratio of Allowance for Uncollectible Accounts to Accounts Receivable at the end of January. (Round percentage to 1 decimal place.) b-2. Based on a comparison of this ratio to the same ratio at the beginning of January, does the company expect an improvement or worsening in cash collections from customers on credit sales
