E8-3: The ledger of Elburn Company at the end of the current year shows Accounts Receivable $ 110,000, Sales Revenue $ 840,000, and Sales Returns and Allowances $ 28,000.............
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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