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)

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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ook ht rint rences In its first year of operations, Cloudbox has credit sales of $230,000. Its year-end balance in accounts receivable is $13,000, and the company estimates that $3,000 of its accounts receivable is uncollectible. a. Prepare the year-end adjusting entry to estimate bad debts expense. b. Prepare the current assets section of Cloudbox's classified balance sheet assuming Inventory is $29,500, Cash is $21,500, and Prepaid Rent is $3,750. Note: The company reports Accounts receivable, net on the balance sheet. Complete this question by entering your answers in the tabs below. Required A Required B Prepare the year-end adjusting entry to estimate bad debts expense. View transaction list Journal entry worksheet 1 Record the year-end adjusting entry to estimate bad debts expense. Note: Enter debits before credits. Date December 31 General Journal Bad debts expense 8 Allowance for doubtful accounts Debit Credit
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US Kiumel, finamclal Accounting, Se Hele I Syotem Aenouncements CALLAT Briel Exercise 8-11 he 20117 financial staternents of 3M Company report net sales of $25.3 billion. Accounts receivable (net) are $3.00 billion at the beginning of the year and $3.24 billion at the cde Compute 3M Company's receivable turnover. (Round answer to 1 decimal place, e.g. 12.5.) Accounts receivable turnover ratio times SHOW LIST OF ACCOUNTS LINK TO TEXT INTERACTIVE TUTORIAL Compute 3M Company's average collection period for accounts receivable in days. (Round answer to 1 decimal place, e.g. 12.5. Use 365 days for calculation.) Average collection period days Click if you would like to Show Work for this question: Open Show Work SHOW LIST OF ACCOUNTS LINK TO TEXT INTERACTIVE TUTORIAL Question Attempts: 0 of 3 usec