Presented below is information for Blossom Company. 1. Beginning-of-the-year Accounts Receivable balance was $20,800. 2. Net sales (all on account) for the year were $109,600. Blossom does not offer cash discounts. 3. Collections on accounts receivable during the year were $81,000. (a) Prepare (summary) journal entries to record the items noted above. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) No. Account Titles and Explanation 1. 2. Your answer is correct. 3. (b) No Entry No Entry Accounts Receivable Sales Revenue Cash Accounts Receivable eTextbook and Media List of Accounts Accounts receivable turnover Debit Days to collect accounts receivable times 0 days 109,600 81000 Compute Blossom's accounts receivable turnover and days to collect receivables for the year. The company does not believe it will have any bad debts. (Round answers to 2 decimal places, e.g. 4.57.) Credit Assistance Used Attempts: 6 of 15 used

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Presented below is information for Blossom Company.
1. Beginning-of-the-year Accounts Receivable balance was $20,800.
2. Net sales (all on account) for the year were $109,600. Blossom does not offer cash discounts.
3.
Collections on accounts receivable during the year were $81,000.
(a)
Prepare (summary) journal entries to record the items noted above. (If no entry is required, select "No
Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically
indented when the amount is entered. Do not indent manually.)
No. Account Titles and Explanation
1.
2.
Your answer is correct.
3.
(b)
No Entry
No Entry
Accounts Receivable
Sales Revenue
Cash
Accounts Receivable
eTextbook and Media
List of Accounts
Accounts receivable turnover
Debit
Days to collect accounts receivable
times
0
days
109,600
81000
Compute Blossom's accounts receivable turnover and days to collect receivables for the year. The company does
not believe it will have any bad debts. (Round answers to 2 decimal places, e.g. 4.57.)
Credit
Assistance Used
Attempts: 6 of 15 used
Transcribed Image Text:Presented below is information for Blossom Company. 1. Beginning-of-the-year Accounts Receivable balance was $20,800. 2. Net sales (all on account) for the year were $109,600. Blossom does not offer cash discounts. 3. Collections on accounts receivable during the year were $81,000. (a) Prepare (summary) journal entries to record the items noted above. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) No. Account Titles and Explanation 1. 2. Your answer is correct. 3. (b) No Entry No Entry Accounts Receivable Sales Revenue Cash Accounts Receivable eTextbook and Media List of Accounts Accounts receivable turnover Debit Days to collect accounts receivable times 0 days 109,600 81000 Compute Blossom's accounts receivable turnover and days to collect receivables for the year. The company does not believe it will have any bad debts. (Round answers to 2 decimal places, e.g. 4.57.) Credit Assistance Used Attempts: 6 of 15 used
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