usKimmel, tinancial Accounting, BeUS eo 1 Srstom AnnouncementsCALCATOBrief Exercise 8-10Piet ts first vear of operations, Pronghorn Corp had credit sales of $2,714,100, of which $429,000 remained uncollected at year-end. The credit manager estimates that $16,370 of these recevahles w bePrepare the journal entry to record the estimated uncollectibles. (Assume an unadjusted balance of zero in Allowance for Doubtful Accounts.) (Credit account titles are automatically indented whee ment cindent manually.)Account Titles and ExplanationDebitCreditSHOW LIST OF ACCOUNTSLINK TO TEXTLINK TO TEXTINTERACTIVE TUTORIALINTERACTIVE TUTORIALPrepare the current assets section of the balance sheet for Pronghorn Corp, assuming that in addition to the receivables it has cash of $85,320, merchandise inventory of $163,960, and supplies of $13,290. (List current aarder of liquidity)Pronghorn CorpBalance Sheet (partial)wT O secouNTS SHOW LIST OF ACCOUNTSLINK TO TEXTLINK TO TEXTINTERACTIVE TUTORIALINTERACTIVE TUTORIALCalculate the accounts receivable turnover. Assume that average net accounts receivable were $322,800. (Round answers to 1 decimal place, e.g. 12.5.)Accounts receivable turnover ratiotimesSHOW LIST OF ACCOUNTSLINK TO TEXTLINK TO TEXTINTERACTIVE TUTORIALINTERACTIVE TUTORIALCalculate the average collection period. (Round answers to 1 decimal place, e.g. 12.5.)Average collection perioddaysClick if you would like to Show Work for this question: Qpen Show WorkSHOW LIST OF ACCOUNTSLINK TO TEXYINTERACTIVE TUTORIALLINK TO TEXTINTERACTIVE TUTORIALQuestion &

The average collection period represents the average number of days between the date a credit sale…

Khamel Financiat Accounting, Be US I Stom Antouncements T8INTEN viel Exercise 8-10 Pri ts first yoar of operations, Pronghorm Corp had credit sales of $2,714,100, of which $429,000 remained uncollected at year-end. The aredit manager estimates that $16,370 of these receilen will e Depare the joumal entry to record the estimated uncollectibles. (Assume an unadjusted balance of zero in Allowance for Doubtful Accounts.) (Credit account titles are automatically indented whee am indont mannally.) Account Titles and Explanation Debit Credit SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO TEXT INTERACTIVE TUTORIAL INTERACTIVE TUTORIAL Prepare the current assets section of the balance sheet for Pronghorn Corp, assuming that in addition to the receivables order of liquidity) has cash of $85,320, merchandise inventory of $163,960, and supplies of $13,290. ( Pronghorn Corp Balance Sheet (partial)

Khamel Financiat Accounting, Be US I Stom Antouncements T8INTEN viel Exercise 8-10 Pri ts first yoar of operations, Pronghorm Corp had credit sales of $2,714,100, of which $429,000 remained uncollected at year-end. The aredit manager estimates that $16,370 of these receilen will e Depare the joumal entry to record the estimated uncollectibles. (Assume an unadjusted balance of zero in Allowance for Doubtful Accounts.) (Credit account titles are automatically indented whee am indont mannally.) Account Titles and Explanation Debit Credit SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO TEXT INTERACTIVE TUTORIAL INTERACTIVE TUTORIAL Prepare the current assets section of the balance sheet for Pronghorn Corp, assuming that in addition to the receivables order of liquidity) has cash of $85,320, merchandise inventory of $163,960, and supplies of $13,290. ( Pronghorn Corp Balance Sheet (partial)

Intermediate Financial Management (MindTap Course List)

13th Edition

ISBN:9781337395083

Author:Eugene F. Brigham, Phillip R. Daves

Publisher:Eugene F. Brigham, Phillip R. Daves

Chapter22: Providing And Obtaining Credit

Section: Chapter Questions

Problem 8P: Monitoring of Receivables The Russ Fogler Company, a small manufacturer of cordless telephones,...

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