During its first year of operations, Pharoah Company had credit sales of $2,751,000, of which $366,200 remained uncollected at year-end. The credit manager estimates that $19,200 of these receivables will become uncollectible. 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 when amount is entered. Do not 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 Pharoah Company, assuming that in addition to the receivables it has cash of $85,350, merchandise inventory of $189,550, and supplies of $12,900. (List current assets in order of liquidity) Pharoah Company Balance Sheet (partial) $ Calculate the accounts receivable turnover. Assume that average net accounts receivable were $291,500. (Round answers to 1 decimal place, e.g. 12.5.) Accounts receivable turnover ratio times SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO TEXT INTERACTIVE TUTORIAL INTERACTIVE TUTORIAL Calculate the average collection period. (Round answers to 1 decimal place, e.g. 12.5.) Average collection period days
During its first year of operations, Pharoah Company had credit sales of $2,751,000, of which $366,200 remained uncollected at year-end. The credit manager estimates that $19,200 of these receivables will become uncollectible. 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 when amount is entered. Do not 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 Pharoah Company, assuming that in addition to the receivables it has cash of $85,350, merchandise inventory of $189,550, and supplies of $12,900. (List current assets in order of liquidity) Pharoah Company Balance Sheet (partial) $ Calculate the accounts receivable turnover. Assume that average net accounts receivable were $291,500. (Round answers to 1 decimal place, e.g. 12.5.) Accounts receivable turnover ratio times SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO TEXT INTERACTIVE TUTORIAL INTERACTIVE TUTORIAL Calculate the average collection period. (Round answers to 1 decimal place, e.g. 12.5.) Average collection period days
Chapter9: Accounting For Receivables
Section: Chapter Questions
Problem 6PB: Ink Records recorded $2,333,898 in credit sales for the year and $1,466,990 in accounts receivable....
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