Answered step by step
Verified Expert Solution
Question
1 Approved Answer
The third one with the Accounts Receivable, there is no box on the debit side Partially correct Mark 4.00 out of 10.00 Flag question The
The third one with the Accounts Receivable, there is no box on the debit side
Partially correct Mark 4.00 out of 10.00 Flag question The following information relevant to accounts receivable is presented for Dharma Initiative (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 $336 $548 $318 Allowance for Doubtful Accounts $23 $16 $21 Net Credit Sales $2,952 $3,596 $3,443 Accounts Receivable Turnover (in number of times) Day Sales Outstanding (in days) On January 2, 2021, Dharma Initiative agreed to sell $226,000 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 Debit Credit Jan 2 Cash Factoring Expense 9040 Accounts Receivable Correct Mark 1.00 out of 1.00 To record sale of accounts receivable Check M Contact usStep 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