Prepare journal entries to record the 2014 transactions of Crawford
Company.
E8-14: Lashkova Company had accounts receivable of $100,000 on
January 1, 2014. The only transactions that affected accounts
receivable during 2014 were net credit sales of $1,000,000, cash
collections of $920,000, and accounts written off of $30,000. ............
a)
Compute the ending balance of accounts receivable.
b)
Compute the accounts receivable turnover ratio for 2014.
c)
Compute the average collection period in days.
P8-7A: On January 1, 2014, Derek Company had Accounts Receivable
$139,000, Notes Receivable $30,000, and Allowance for Doubtful
Accounts $13,200. The note receivable is from Kaye Noonan
Company. It is a 4-month, 12% note dated December 31, 2013. Derek
Company prepares financial statements annually. During the year, the
following selected transactions occurred. ............
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ACC 557 Week 6 Assignment 2 You Are an Entrepreneur!
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ACC 557 WK 6 Assignment 2 - You Are an Entrepreneur!