Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Take me to the text The following information relevant to accounts receivable is presented for Dommar Company (in thousands of dollars). Calculate the accounts

image text in transcribed

Take me to the text The following information relevant to accounts receivable is presented for Dommar Company (in thousands of dollars). Calculate the accounts receivable turnover ratio, and the day sales outstanding ratio for the years 2019 and 2020. Do not enter dollar signs or commas in the input boxes. For accounts receivable turnover, round to one decimal place. For day sales outstanding, round to the nearest whole number. 2020 2019 2018 Accounts Receivable $382 $513 $546 Allowance for Doubtful Accounts $18 $22 $23 Net Credit Sales $3,159 $3,837 $3,888 Accounts Receivable Turnover (in number of times) x Day Sales Outstanding (in days) On January 2, 2021, Dommar Company agreed to sell $171,000 of its accounts receivable with a 4% fee paid to the factor. Prepare the journal entry to record the factoring of accounts receivable. Do not enter dollar signs or commas in the input boxes. Enter the debit accounts in alphabetical order. Date Account Title and Explanation Jan 2 Cash Debit Credit 164160 6840 171000 Factoring Expense Accounts Receivable To record sale of accounts receivable

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Financial Accounting

Authors: Walter Harrison, Charles Horngren, William Thomas

10th edition

133796833, 133427536, 9780133796834, 978-0133427530

More Books

Students also viewed these Accounting questions

Question

What is the difference between monetary and nonmonetary incentives?

Answered: 1 week ago

Question

Describe the ethical and legal issues in personal selling.

Answered: 1 week ago