Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Sorry its 2 of the same and 1 other question Im almost out of questions for the month Accounts Receivable Turnover and Days' Sales in
Sorry its 2 of the same and 1 other question Im almost out of questions for the month
Accounts Receivable Turnover and Days' Sales in Receivables and Chaps. Polo Classic reported the following for two recent years: Assume that accounts receivable were $598,600 at the beginning of Year 1 . a. Compute the accounts receivable turnover for Year 2 and Year 1. Round your answers to two decimal places. Year 2: Year 1: x b. Compute the days' sales in receivables for Year 2 and Year 1. Round your final answers to one decimal place. Use 365 days per year in your calculations. Year 2: X days Year 1: days c. The change in the accounts receivable turnover from year 1 to year 2 indicates a(n) X in the efficiency of collecting accounts receivable and is a(n) X change. The change in the days' sales in receivables is a(n) X change. Feedback Check My Work lournalize the following transactions, using the allowance method of accounting for uncollectible receivables: Oct. 2. Received $3,210 from Paula Spitler and wrote off the remainder owed of $5,360 as uncollectible. If an amount box does not require an entry, leave it blank. Oct. : Feedback Check My Work When a customer account is identified as uncollectible, it is written-off against the allowance account. Dec. 20. Reinstated the account of Paula Spitler and received $5,360 cash in full payment. If an amount box does not require an entry, leave it blank. Reinstate X Collection Feedback Check My Work In such cases where an account receivable that has been written-off is later collected, the account is reinstated. Then record the payment for the account. Allowance for Doubtful Accounts is estimated as $38,300. a. Determine the amount of the adjusting entry for uncollectible accounts. $ x b. Determine the adjusted balances of Accounts Receivable, Allowance for Doubtful Accounts, and Bad Debt Expense. c. Determine the net realizable value of accounts receivable. Feedback Check My Work The analysis of receivables method is based on the assumption that the longer an account receivable is outstanding the less likely that it will be collected. The amount of the adjusting entry is the amount that will yield an adjusted balance for Allowance for Doubtful AccountsStep by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started