The following transactions took place for Parkers Grocery.

a.	Jan. 1	Loaned $43,000 to a cashier of the company and received back a one-year, 9 percent note.
b.	June 30	Accrued interest on the note.
c.	Dec. 31	Received interest on the note. (No interest has been recorded since June 30.)
d.	Dec. 31	Received principal on the note.

Required:

Prepare the journal entries that Parker's Grocery would record for the above transactions. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)

a) Record the receipt of a note on January 1 for a $43,000 loan to an employee.

Date	General Journal	Debit	Credit
Jan01

b) Record the interest accured on the note as of June 30.

Date	General Journal	Deit	Credit
Jun 30

c) Record the receipt of the interest on the notes maturity date. No interest has been recorded since June 30.

Date	General Journal	Debit	Credit
Dec.31

D. Record the receipt of the payment for the full principal.

Date	General Journal	Debit	Credit
Dec.31

Part 2

ShipIt Corporation reported the following rounded amounts (in millions):

May 31

2013

2012

Accounts Receivable

$

5,395

$

5,100

Allowance for Doubtful Accounts

(285)

(290)

Accounts Receivable, Net of Allowance

$

5,110

$

4,810

Net Sales (assume all on credit)

$

39,000

$

37,200

Required:

1.

Determine the receivables turnover ratio and days to collect for 2013. (Use 365 days in a year. Do not round your intermediate calculations. Round your answers to 1 decimal place.)

Receivable Turnover Ratio	???????????	Times
Days to Collect	???????????	Days