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Peroni Equipment Sales showed the following. 2020 Jan. 15 Sold $25,850 of merchandise for $30,700 to JanCo; terms 3/5, n/15. 16 Wrote off Feduns account

Peroni Equipment Sales showed the following.

2020
Jan. 15 Sold $25,850 of merchandise for $30,700 to JanCo; terms 3/5, n/15.
16 Wrote off Feduns account in the amount of $15,850.
20 Collected the amount owing from the January 15 sale.
Mar. 1 Accepted a $12,340, 60-day, 7% note dated this day in granting Parker Holdings a time extension on its pastdue account.
Apr. 15 Sold merchandise costing $62,850 for $72,700 to customers who used their Visa credit cards. Visa charges a 1% fee and deposits the cash electronically into the retailers account immediately at the time of sale.
? Parker Holdings honoured the note dated March 1.
Nov. 1

Accepted a $25,700, three-month, 6% note dated this day in granting Grant Company a time extension on its past-due account.

Dec. 31 Sullivans year-end. Interest was accrued on outstanding notes receivable.
31 Bad debts are based on an aging analysis that estimated $9,700 of accounts receivable are uncollectible. Allowance for Doubtful Accounts showed an unadjusted credit balance of $1,685 on this date.
2021
? Grant Company dishonoured its note dated November 1, 2020.
Mar. 5 Recovered $1,500 from Derek Holston that was previously written off.
14 Wrote off the Grant Company account.

a. Determine the maturity dates of the March 1 and November 1 notes. b. Prepare entries as appropriate for each date. (Use 365 days an year.) c. Peronis receivable turnovers at December 31, 2020 and 2021 were 7 and 7.5, respectively. Select the correct option for whether the change in the ratio for Peroni was favourable or unfavourable?

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