Question 4 Louis Jordan owns and operates Louis' Lighting. Louis' Lighting offers credit terms of 2/7, n/30 to their credit customers. Louis' Lighting's single supplier offers credit terms of 5/10, n/30. The following visual representation has been provided for your analysis. 40 35 30 25 20 15 10 5 2018 2019 1 Accounts Receivable Turnover (Days) Accounts Payable Turnover (Days) a. Discuss the effect of these changes on the liquidity of Louis' Lighting. b. State one other benchmark Louis could use to assess the management of his accounts receivable balances. Louis has been told that he should be paying his single supplier after the due date and only when they call him requesting payment. c. Discuss whether Louis should adopt this approach when dealing with his single supplier.

engageNOWv2 | Online teachir X * CengageNOWv2| Online teachir x .com/ilrm/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogre. * A eBook Show Me How Accounts Receivable Analysis A company reports the following: Sales $671,600 Average accounts receivable (net) 67,160 Determine (a) the accounts receivable turnover and (b) the number of days' sales in receivables. Round interim calculations to the nearest dollar and final answers to one decimal place. Assume a 365-day year. a. Accounts receivable turnover b. Number of days' sales in receivables days Previous Next Check My Work 11:16 AM 67°F Sunny A O E D a ) 12/3/2021 n sc hone backsoce

Lincraft Corp. reports a current ratio of 3-to-1 in its 20X2 financial statements. The statement of financial position shows current assets of $3,140,500 and current liabilities of $1,064,100. Lincraft has accounts receivable of $1,299,300. The company transfers $1,002,000 of these accounts receivable to a financial institution. There are $35,200 of bad debts associated with these accounts receivable, an amount that is already in the allowance for doubtful accounts. Proceeds of $898,250 are received from the transfer. The transfer is on a non-notification basis, which means that the customers pay Lincraft and Lincraft then remit the cash to the financial institution. The customers pay $946,000 to Lincraft on schedule, $35,200 is written off to the allowance at the appropriate time, and the cash remittance is forwarded to the financial institution. Required: 1. Record all journal entries for the sequence of events assuming: a. The transfer is recorded as a sale/derecognition. (If no…

The contra revenue account that represents the reduction in the amount paid by a credit customer if payment is made within a specified period of time is known as which of the following: O Contra revenue account O Sales allowance account O Sales discount account O Allowance for uncollectible accounts ASUS f3 f4 f5 f6 f7 f8 f9 f10 f11 区 ロ/京 %24 & 3 4. 7. 8 9. 01 Y U G H. J K 16 5 图

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Debit and Credit Procedures A list of accounts for Montgomery Inc. appears below. Required: Complete the table below for these accounts. The information for the first account has been entered as an example. Account Type of Account Normal Balance Increase Decrease Accounts Payable Liability Credit Credit Debit Accounts Receivable SelectAssetContra AssetEquityExpenseLiabilityRevenueItem 1 SelectCreditDebitItem 2 SelectCreditDebitItem 3 SelectCreditDebitItem 4 Accumulated Depreciation SelectAssetContra AssetEquityExpenseLiabilityRevenueItem 5 SelectCreditDebitItem 6 SelectCreditDebitItem 7 SelectCreditDebitItem 8 Cash SelectAssetContra AssetEquityExpenseLiabilityRevenueItem 9 SelectCreditDebitItem 10 SelectCreditDebitItem 11 SelectCreditDebitItem 12 Common Stock SelectAssetContra AssetEquityExpenseLiabilityRevenueItem 13 SelectCreditDebitItem 14 SelectCreditDebitItem 15 SelectCreditDebitItem 16 Depreciation Expense SelectAssetContra AssetEquityExpenseLiabilityRevenueItem 17…

Use the following T-account for Careful Corporation to answer questions 11 and 12:                        Accounts Receivable Beg. Bal.        $   187 18                                 150   6                                   64 15   19 End. Bal.       $       ?   The ending balance of Accounts Receivable for Careful is: Group of answer choices A. $401 debit B. $343 debit C. $343 credit D. $ 58 credit

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Presented below are transactions related to Blossom Company.

Question 2 Credit Sales, Credit Purchases & Returns You are to enter the following items in the books, post to personal accounts, and show the transfers to the General Ledger. 20X9 1 Credit purchases from: K Hill £380; M Norman £500; N Senior £106. 3 Credit sales to: E Rigby £510; E Phillips £246; F Thompson £356. 5 Credit purchases from: R Morton £200; J Cook £180; D Edwards £410; C Davies £66. 8 Credit sales to: A Green £307; H George £250; J Ferguson £185. 12 Returns outwards to: M Norman £30; N Senior £16. 14 Returns inwards from: E Phillips £18; F Thompson £22. 20 Credit sales to: E Phillips £188; F Powell £310; E Lee £420. 24 Credit purchases from: C Ferguson £550; K Ennevor £900. 31 Returns inwards from: E Phillips £27; E Rigby £30. 31 Returns outwards to: J Cook £13; C Davies £11. July %D %3D %3D Note : Apart from double entries in the Purchases/Sales Ledger/General Ledger, please also prepare Purchases Day Book, Sales Day Book, Return Inwards & Return Outwards Day Book.