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Need help with the following accounting questions.. Thanks!! Problem 8-6A On January 1, 2017, Sunland Company had Accounts Receivable of $54,800 and Allowance for Doubtful

Need help with the following accounting questions.. Thanks!!

image text in transcribed Problem 8-6A On January 1, 2017, Sunland Company had Accounts Receivable of $54,800 and Allowance for Doubtful Accounts of $3,800. Sunland Company prepares financial statements annually. During the year, the following selected transactions occurred. Jan. 5 Sold $4,700 of merchandise to Rian Company, terms n/30. Feb. 2 Accepted a $4,700, 4-month, Account Titles and 9% promissory note from Rian Company for balance due. Date Debit 12 Sold $10,140 of merchandise to Cato Company and acceptedCredit Cato's $10,140, 2-month, 10% Explanation note for the balance due. 26 Sold $12,100 of merchandise to Malcolm Co., terms n/10. Apr. 5 Accepted a $12,100, 3-month, 8% note from Malcolm Co. for balance due. 12 Collected Cato Company note in full. June 2 Collected Rian Company note in full. 15 Sold $1,800 of merchandise to Gerri Inc. and accepted a $1,800, 6-month, 11% note for the amount due. Journalize the transactions. (Omit cost of goods sold entries.) (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) Problem 8-9A Suppose the amounts presented here are basic financial information (in millions) from the 2017 annual reports of Nike and Adidas. Sales revenue Allowance for doubtful accounts, beginning Allowance for doubtful accounts, ending Accounts receivable balance (gross), beginning Accounts receivable balance (gross), ending Nike Adidas $18,293 $10,515 71.7 107 115 112 3,159 1,627 3,282.0 1,454 Calculate the accounts receivable turnover for both companies. (Round answers to 1 decimal place, e.g. 12.5.) Nike Accounts receivable turnover Adidas times times Calculate the average collection period for both companies. (Round answers to 1 decimal place, e.g. 12.5. Use 365 days for calculation.) Question 3 Answer the following questions. Nike Average collection period Adidas days days Your roommate says, \"Sales taxes are reported as an expense in the income statement.\" Do you agree? Leiana's Cafe has cash proceeds from sales of $8,550. This amount includes $550 of sales taxes. Give the entry to record the proceeds. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit Question 4 Carolina University sold 9,000 season football tickets at $100 each for its five-game home schedule. What entry should be made when the tickets are sold? (Credit account titles are automatically (a) indented when the amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit (b) What entry should be made after each game? (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit

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