ilrn/takeAssignment/takeAssignmentMain.do?invoker-&takeAssignmentSessionLocator=&inprogress%-false. eBook Show Me How Calculator E Print Item 2ΟΥ3 20Y2 2ΟΥ 1 Accounts receivable, end of year $149,600 $157,000 $164,200 Sales on account 1,057,770 1,011,780 a. For 20Y2 and 20Y3, determine (1) the accounts receivable turnover and (2) the number of days sales in receivables. Round answers to one decimal place. Assume a 365-day year. 20Υ3 20Y2 1. Accounts receivable turnover 6.9 6.3 2. Number of days' sales in X days days receivables b. The collection of accounts receivable has Imnproved This can be seen in both the increase y in accounts receivable turnover and the decrease V in the collection period. Feedback YCheck My Work a.1. Divide net sales by average accounts receivable. Average Accounts receivable = (Beginning Accounts Receivable + Ending Accounts Receivable) 2. a.2. Divide average accounts receivable by average daily sales on account. Average Accounts receivable = (Beginning Accounts Receivable + Ending Accounts Receivable) 2. Average daily sales on account Net Sales 365 days. Previous Next Check My Work 1 more Check My Work uses remaining.

In June, Widgets, Inc. makes on account sales to Customs Motors of $800 and receives a payment of $500 from them. How would this affect the Accounts Receivable control account? O A. The AR total would be decreased by $300. O B. The AR total would be decreased by $500. O C. The AR total would be increased by $800. O D. The AR total would be increased by $300.

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If a $335.00 debit item in the general journal is posted as a credit: By how much will the trial balance be out of balance? Explain how you might detect such an error.

Using the Allowance method supply the journal entries to bring back the written off Account Receivable and the payment for it. Direct Write Off Method Allowance Method Bad debt expense     $500   Allowance for doubtful accounts $500        Accounts Receivable   $500      Accounts        Receivable   $500

Suppose a co-worker has recorded a cash disbursement twice (Supplies Expense was debited twice for $100 and Cash was credited twice for $100) and wants you to record a correcting entry that will reverse the mistake. The correcting entry will record a debit to the Cash account and a credit to the Supplies account. Would you make this correcting entry? What should you investigate before making a decision about the correcting entry? Are there any other steps you would take to address this issue?

if your supervisor tells you to change the aging category of a large account from over 120 days to current status and prepare a new invoice to the customer with the revised date that agrees with this new category this will change the required allowance from for uncollectible accounts from $180, 000 to $135,000. How do you think this misstatement of funds will impact your income statement and your balance sheet?