The following information relevant to accounts receivable is presented for Dharma Initiative (in thousands of dollars). Calculate the accounts receivable turnover ratio, and the day sales outstanding ratio for the years 2019 and 2020. Do not enter dollar signs or commas in the input boxes. For accounts receivable turnover, round to one decimal place. For day sales outstanding, round to the nearest whole number. 2020 Accounts Receivable Allowance for Doubtful Accounts Net Credit Sales Accounts Receivable Turnover (in number of times) 8.3 Day Sales Outstanding (in days) 44 Date Account Title and Explanation Jan 2 To record sale of accounts receivable ◆ ◆ $342 $18 $3,020 On January 2, 2021, Dharma Initiative agreed to sell $223,000 of its accounts receivable with a 4% fee paid to the factor. Prepare the journal entry to record the factoring of accounts receivable. Do not enter dollar signs or commas in the input boxes. Enter the debit accounts in alphabetical order. Debit x 7.9 x 46 2019 2018 $383 $348 $22 $25 $2,899 $3,161 Credit X x
The following information relevant to accounts receivable is presented for Dharma Initiative (in thousands of dollars). Calculate the accounts receivable turnover ratio, and the day sales outstanding ratio for the years 2019 and 2020. Do not enter dollar signs or commas in the input boxes. For accounts receivable turnover, round to one decimal place. For day sales outstanding, round to the nearest whole number. 2020 Accounts Receivable Allowance for Doubtful Accounts Net Credit Sales Accounts Receivable Turnover (in number of times) 8.3 Day Sales Outstanding (in days) 44 Date Account Title and Explanation Jan 2 To record sale of accounts receivable ◆ ◆ $342 $18 $3,020 On January 2, 2021, Dharma Initiative agreed to sell $223,000 of its accounts receivable with a 4% fee paid to the factor. Prepare the journal entry to record the factoring of accounts receivable. Do not enter dollar signs or commas in the input boxes. Enter the debit accounts in alphabetical order. Debit x 7.9 x 46 2019 2018 $383 $348 $22 $25 $2,899 $3,161 Credit X x
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:The following information relevant to accounts receivable is presented for Dharma Initiative (in thousands of dollars). Calculate the accounts receivable turnover ratio, and the day sales outstanding ratio for the
years 2019 and 2020.
Do not enter dollar signs or commas in the input boxes.
For accounts receivable turnover, round to one decimal place.
For day sales outstanding, round to the nearest whole number.
2020
Accounts Receivable
Allowance for Doubtful Accounts
Net Credit Sales
Accounts Receivable Turnover (in number of times) 8.3
Day Sales Outstanding (in days)
44
Date Account Title and Explanation
Jan 2
To record sale of accounts receivable
◆
◆
$342
$18
$3,020
On January 2, 2021, Dharma Initiative agreed to sell $223,000 of its accounts receivable with a 4% fee paid to the factor. Prepare the journal entry to record the factoring of accounts receivable.
Do not enter dollar signs or commas in the input boxes.
Enter the debit accounts in alphabetical order.
Debit
x 7.9
x 46
2019
2018
$383 $348
$22 $25
$2,899 $3,161
Credit
X
x
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