We were unable to transcribe this imageEnter the January 1, 2022, balances in Accounts Receivable and Allowance for Doubtful Accounts, post the entries to the two accounts and determine the balances. (Post entries in the order of journal entries posted in the previous part) Accounts Receivable 565700 50000 2560000 2260000 16000 42400 16000 Allowance for Doubtful Accounts 42400 Bal 42400 16000 Prepare the journal entry to record bad debt expense for 2022, assuming that aging the accounts receivable indicates that estimated bad debts are $46,000. (Credit account titles are automatically indented when amount is entered. Do not indent manually) Account Titles and Explanation Debit Credit Bad Debt Expense Allowance for Doubtful Accounts e Textbook and Media List of Accounts Compute the accounts receivable turnover. (Round answer to 1 decimal place, es. 124) Accounts receivable turnover times e Textbook and Media List of Accounts Compute the average collection period. (Round answer to 1 decimal place, eg. 124. Use 365 days for calculation.) Average collection period days

No. Account titles and explanations Debit Credit 1) Accounts receivable 2,560,000 sale 2,560,000 2) Sales return and allowance 50,000 Accounts receivable 50,000 3) Cash 2,260,000 Accounts receivable 2,260,000 4) Allowance for doubtful accounts 42,400 Account receivable 42,400 5) Accounts receivable 16,000 Allowance for doubtful accounts 16,000 cash 16,000 Accounts receivable 16,000 T-Account Account receivable BB 565,700 2) 50,000 1) 2,560,000 3) 2,260,000 5) 16,000 4) 42,400 5) 16,000 End bal 773,300 Allowance for Doubtful accounts 4) 42,400 BB 38,000 5) 16,000 end bal 11,600 Account titles and explanations Debit Credit Bad debts expesne 34,400 Allowance for Doubtful accounts 34,400 (46000-11600) opening ending Accounts receivable 565,700 773,300 less allowance for doubtful -38,000 -46000 net realizable value 527,700 727,300 Average account receivable (527700+727300) 627500 Accounts receivable turnover = net sales/account receivable turnover (2,560,000-50,000)/627500 4.000 Average collection period 91.3 Days .

We were unable to transcribe this imageEnter the Janu…

Answers


No.	Account titles and explanations				Debit	Credit

1)	Accounts receivable				2,560,000
	sale					2,560,000

2)	Sales return and allowance				50,000
	Accounts receivable					50,000

3)	Cash				2,260,000
	Accounts receivable					2,260,000

4)	Allowance for doubtful accounts				42,400
	Account receivable					42,400

5)	Accounts receivable				16,000
	Allowance for doubtful accounts					16,000

	cash				16,000
	Accounts receivable					16,000



	T-Account
	Account receivable
	BB	565,700	2)	50,000
	1)	2,560,000	3)	2,260,000
	5)	16,000	4)	42,400
			5)	16,000

	End bal	773,300


	Allowance for Doubtful accounts
	4)	42,400	BB	38,000
			5)	16,000

			end bal	11,600



	Account titles and explanations				Debit	Credit

	Bad debts expesne				34,400
	Allowance for Doubtful accounts					34,400
	(46000-11600)

				opening	ending
	Accounts receivable			565,700	773,300
	less allowance for doubtful			-38,000	-46000
	net realizable value			527,700	727,300

	Average account receivable (527700+727300)
				627500

	Accounts receivable turnover = net sales/account receivable turnover
				(2,560,000-50,000)/627500
				4.000

	Average collection period			91.3	Days

Similar Solved Questions

1 answer

Urgent help! Thank you. Given a normal distribution with μ= 51 and σ= 8, and given...

Urgent help! Thank you. Given a normal distribution with μ= 51 and σ= 8, and given you select a sample of n= 100, complete parts (a) through (d). a. What is the probability that X is less than 49? PR 49) Type an integer or decimal rounded to four decimal places as needed.) b. What is the p...

We were unable to transcribe this imageEnter the January 1, 2022, balances in Accounts Receivable and...

Question:

Answers

Similar Solved Questions