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Record the following transactions on the books of Sandhill Co. (Omit cost of goods sold entries.) (List all debit entries before credit entries. Credit
Record the following transactions on the books of Sandhill Co. (Omit cost of goods sold entries.) (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) (a) On July 1, Sandhill Co. sold merchandise on account to Stacey Inc. for $20,910, terms 3/10, n/30. (b) On July 8, Stacey Inc. returned merchandise worth $2,410 to Sandhill Co. (c) On July 11, Stacey Inc. paid for the merchandise. Date Account Titles and Explanation Debit Credit At the end of 2024, Bramble Co. has accounts receivable of $754,500 and an allowance for doubtful accounts of $23,960. On January 24, 2025, it is learned that the company's receivable from Madonna Inc. is not collectible and therefore management authorizes a write-off of $4,624. On March 4, 2025, Bramble Co. receives payment of $4,624 in full from Madonna Inc. Prepare the journal entries to record the March 4 transaction. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Account Titles and Explanation (To reverse write-off of accounts receivable.) (To record collection of accounts receivable.) Debit Credit During its first year of operations, Cullumber Company had credit sales of $3,565,000, of which $393,400 remained uncollected at year-end. The credit manager estimates that $19,100 of these receivables will become uncollectible. (a) Prepare the journal entry to record the estimated uncollectibles. (Assume an unadjusted balance of zero in Allowance for Doubtful Accounts.) (List debit entry before credit entry. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Account Titles and Explanation Debit Credit Suppose the 2025 financial statements of 3M Company report credit sales of $21.60 billion. Accounts receivable (net) are $2.90 billion at the beginning of the year and $3.10 billion at the end of the year. (a1) Compute 3M's accounts receivable turnover. (Round answer to 1 decimal place, e.g. 12.5.) Accounts receivable turnover times
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