Question
Please help with with problem below. Please do not re post answer that was previously posted to this question, as that person did not answer
Please help with with problem below. Please do not re post answer that was previously posted to this question, as that person did not answer all parts of the question as asked. This question has 4 parts (a, b c and d), please answer all parts. Please show work for each answer. Thank you!
Exercise 1 The following information is extracted from Winston Corporations accounting records at the beginning of 2021.
Accounts Receivable $63,000
Allowance for Doubtful Accounts 1,400 (credit)
During 2021, sales on credit amounted to $575,000, collections on outstanding receivables were $557,400 and $2,600 of receivables were written off as uncollectible. On December 31, 2021, Winston estimates its bad debts to be 4% of the outstanding accounts receivable.
Instructions: a. Determine the balance in Accounts Receivable at December 31, 2021.
b. Prepare the adjusting entry to record Winstons bad debt expense for 2021.
c. Prepare the accounts receivable section of Winstons balance sheet at December 31, 2021
d. Compute Winstons accounts receivable turnover and average days collection of receivables.
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