Question
Presented below is information for Stellar Company. 1. Beginning-of-the-year Accounts Receivable balance was $16,400. 2. Net sales (all on account) for the year were $102,200.
Presented below is information for Stellar Company.
1. | Beginning-of-the-year Accounts Receivable balance was $16,400. | |
2. | Net sales (all on account) for the year were $102,200. Stellar does not offer cash discounts. | |
3. | Collections on accounts receivable during the year were $89,900. |
(a)
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Your answer is correct.
Prepare (summary) journal entries to record the items noted above. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.)
No. | Account Titles and Explanation | Debit | Credit |
---|---|---|---|
1. | enter an account title | enter a debit amount | enter a credit amount |
enter an account title | enter a debit amount | enter a credit amount | |
2. | enter an account title | enter a debit amount | enter a credit amount |
enter an account title | enter a debit amount | enter a credit amount | |
3. | enter an account title | enter a debit amount | enter a credit amount |
enter an account title | enter a debit amount | enter a credit amount |
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List of Accounts
Attempts: 1 of 3 used
(b)
Compute Stellars accounts receivable turnover and days to collect receivables for the year. The company does not believe it will have any bad debts. (Round answers to 2 decimal places, e.g. 4.57.)
Accounts receivable turnover | enter Accounts receivable turnover in times | times | |
Days to collect accounts receivable | enter Days to collect accounts receivable | days |
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