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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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ACC 557 Week 6 Assignment 2 You Are an Entrepreneur!
(2 Paper)