On April 25, Foreman Electric installs wiring in a new home for $3,800 on account. However, on April 27, Foreman's electrical work does not pass inspection and Foreman grants the customer an allowance of $470 because of the problem. The customer makes full payment of the balance owed, excluding the allowance, on April 30.

1.Record the credit sale on April 25. (If no entry is required for a particular transaction, select "No journal entry required" in the first account field.)

2. Record the sales allowance granted on April 27. (If no entry is required for a particular transaction, select "No journal entry required" in the first account field.)

3. Record the cash collection on April 30. (If no entry is required for a particular transaction, select "No journal entry required" in the first account field.)

4. Calculate net sales associated with these transactions.

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5. At the end of the year, Dahir Incorporated's balance of allowance for uncollectible accounts before adjustment is $2,900 (debit). The company estimates future uncollectible accounts to be $10,300.

What is the adjustment Dahir would record for allowance for uncollectible accounts? (If no entry is required for a particular event, select "No journal entry required" in the first account field.)

6. Shankar Company uses a perpetual system to record inventory transactions. The company purchases inventory on account on February 2, 2012, for $24,000. In addition to the cost of inventory, the company also pays $1,700 for freight charges associated with the purchase on the same day.

Record the purchase of inventory on February 2, including the freight charges. (If no entry is required for a particular transaction, select "No journal entry required" in the first account field.

Below are amounts (in millions) from the companies' annual reports. For each company, calculate the receivables turnover ratio, and the average collection period. (Use 365 clays a year. Do not round average accounts receivable values and round your other answers to 1 decimal place.) Which company appears most efficient in collecting cash from sales? During 2012. Wright Company sells 313 remote control airplanes for S101 each. The company has the following inventory purchase transactions for 2012. Calculate ending inventory and cost of goods sold for 2012 assuming the company uses FIFO. Below are amounts (in millions) from the companies' annual reports. For each company, calculate the receivables turnover ratio, and the average collection period. (Use 365 clays a year. Do not round average accounts receivable values and round your other answers to 1 decimal place.) Which company appears most efficient in collecting cash from sales? During 2012. Wright Company sells 313 remote control airplanes for S101 each. The company has the following inventory purchase transactions for 2012. Calculate ending inventory and cost of goods sold for 2012 assuming the company uses FIFO