Identifying increases and decreases in accounts For each account, identify whether the changes would be recorded as a debit (DR) or credit (CR). Increase to Accounts Receivable Decrease to Unearned Revenue Decrease to Cash Increase to Interest Expense Increase in Salaries Payable Decrease to Prepaid Rent Increase to Common Stock Increase to Notes Receivable Decrease to Accounts Payable Increase to Interest Revenue

us Kimmel, tinancial Accounting, Be US eo 1 Srstom Announcements CALCATO Brief Exercise 8-10 Piet 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 be Prepare 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 c indent manually.) 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 it has cash of $85,320, merchandise inventory of $163,960, and supplies of $13,290. (List current a arder of liquidity) Pronghorn Corp Balance Sheet (partial) wT O secouNTS

What does the accounts receivable turnover ratio measure? Multiple Choice Average balance of accounts receivables How quickly accounts receivable turn into cash How quickly inventory turns into accounts receivable How quickly the accounts receivable balance increases

Which of the following calculations of receivable turnover is correct? A. Number of days in the year divided by receivable turnover. B. Net sale on account divided by average receivables. C. Cost of goods sold divided by average inventory. D. Net income divided by net sales.