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E8-5: At December 31, 2013, Crawford Company had a balance
of $15,000 in Allowance for Doubtful Accounts. During 2014,
Crawford wrote off accounts totaling $14,100. One of those
accounts ($1,800) was later collected. At December 31, 2014, an
aging schedule indicated that the balance in Allowance for
Doubtful Accounts should be $19,000. ............
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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