Question 3 Incomplete answer Marked out of 2.00 P Flag question Credit Losses Based on Credit Sales Smith & Sons uses the allowance method of handling its credit losses. It estimates credit losses at one percent of credit sales, which were $1,200,000 during the year. On December 31, the Accounts Receivable balance was $300,000 and the Allowance for Doubtful Accounts had a credit balance of $20,400 before adjustment a. Prepare the adjusting entry to record the credit losses for the year. b. Show how Accounts Receivable and the Allowance for Doubtful Accounts would appear in the December 31 balance sheet. a. Debit Credit Date Dec 31 General Journal Description + . To record allowance for credit losses 0 b. (Do not use negative signs with your answers.) Current Assets 5 0 1 O Please answer all parts of the question 23 My Subscriptions Jorge Question 4 Incomplete answer Marked out of 200- Flag question Credit Losses Based on Accounts Receivable Miller, Inc., analyzed its accounts receivable balances at December 31, and arrived at the aged balances listed below, along with the percentage that is estimated to be uncollectible: Probability of Age Group Balance Noncollection 0-30 days past due $91,000 31-60 days pastu 21,000 5% 61-120 days past due 12,000 10% 121-180 days past due 7.000 124 Over 180 days past due 5.000 25% $136,000 The company handles credit losses using the allowance method. The credit balance of the Allowance for Doubtful Accounts is $620 on December 31, before any adjustments. a. Prepare the adjusting entry for estimated credit losses on December 31. b. Prepare the journal entry to write off the Lyons Company's account on April 10 of the following year in the amount of $525 General Journal Description Debit Date Dec 31 Credit 05 0 0 To record allowance for credit losses. b. General Journal Description Debit Credit Date April 10 DS 0 To write of Lyons Company's account Please answer all parts of the question Question 5 Incomplete answer Marked out of 2.00 P Flag question Accounts Receivable Turnover and Average Collection Period VanPoole Corporation disclosed the following financial information in millions) in its recent annual report 2012 2013 Net Sales $128.662 $142.600 Beginning Accounts Receivable (net) 9,650 Ending Accounts Receivable (net) 9,650 9,595 a. Calculate the accounts receivable turnover ratio for both years. (Round your answer to two decimal points.) b. Calculate the average collection period for both years. (Use 365 days for calculation. Round to the nearest whole number.) c. Is the company's accounts receivable management improving or deteriorating? 2012 2013 a. Accounts receivable turnover 0 b. Average collection period c. The company's receivable management Please answer all parts of the question 0
