Question 11 of 21 - Practice Chapter 7

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Saint Mary's University *

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3351

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Accounting

Date

Apr 3, 2024

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2

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3/27/24, 6:58 PM Question 11 of 21 - Practice Chapter 7 https://education.wiley.com/was/ui/v2/assessment-player/index.html?launchId=842f49e4-6c91-4e70-a6f7-612f6c488a4a#/question/10 1/2 View Policies Show Attempt History (a) Information follows for Patuanak Company: 1. The beginning-of-the-year Accounts Receivable balance was $25,000. 2. Net sales for the year were $410,000. (Credit sales were $200,000 of the total sales.) Patuanak does not offer cash discounts. 3. Collections on accounts receivable during the year were $140,000. Your Answer Correct Answer (Used) Your answer is correct. Prepare summary journal entries to record the items noted above. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. List all debit entries before credit entries.) Account Titles and Explanation Debit Credit Cash Accounts Receivable Sales Revenue (To record sales revenue) Cash Accounts Receivable 210000 200000 410 140000 140
3/27/24, 6:58 PM Question 11 of 21 - Practice Chapter 7 https://education.wiley.com/was/ui/v2/assessment-player/index.html?launchId=842f49e4-6c91-4e70-a6f7-612f6c488a4a#/question/10 2/2 (b) (To record collections on account) eTextbook and Media List of Accounts Attempts: unlimited Your Answer Correct Answer (Used) Your answer is correct. Calculate Patuanak’s accounts receivable turnover ratio for the year. How old is the average receivable? (Round accounts receivable turnover ratio answer to 2 decimal places, e.g. 15.25 and average collection period to 0 decimal places, e.g. 252. Use 365 days for calculation.) Accounts receivable turnover ratio times Average collection period days eTextbook and Media Solution List of Accounts Attempts: unlimited 3.64 100
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