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
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text: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)
$
Transcribed Image Text: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
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