Percent collected in the month of sale 25 Percent collected in the month after the sale 68 Percent collected in the second month after the sale 5 Bennett's anticipated sales for the next few months are as follows: April May June $250,000 290,000 280,000 July August 295,000 300,000 (Note: Round all amounts to the nearest dollar.) Required: 1. Calculate credit sales for May, June, July, and August. 2. Prepare a schedule of cash receipts for July and August.

Percent collected in the month of sale 25 Percent collected in the month after the sale 68 Percent collected in the second month after the sale 5 Bennett's anticipated sales for the next few months are as follows: April May June $250,000 290,000 280,000 July August 295,000 300,000 (Note: Round all amounts to the nearest dollar.) Required: 1. Calculate credit sales for May, June, July, and August. 2. Prepare a schedule of cash receipts for July and August.

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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Presented below is information for Flint Company: Beginning of the year accounts receivable balance was $23,600. Net sales (all on account) for the year were $103,100. Flint Company does not offer cash discounts. Collections on accounts receivable during the year were $90,300. Flint Company is planning to factor some accounts receivable at the end of the year. Accounts totaling $14,100 will be transferred to Credit Factors Inc. with recourse. Credit Factors will retain 7% of the balances for probable adjustments and assess a finance charge of 6%. The fair value of the recourse obligation is $1,021. Prepare the journal entry to record the sale of the receivables Compute Flint’s accounts receivable turnover for the year, assuming the receivables are sold.
The actual cash received from cash sales was $39,114, and the amount indicated by the cash register total was $39,129. Journalize the entry to record the cash receipts and cash sales. Refer to the Chart of Accounts for exact wording of account titles. Journal Journalize the entry to record the cash receipts and cash sales on December 31. Refer to the Chart of Accounts for exact wording of account titles. 1 2 3 DATE Dec. 31 Dec. 31 DESCRIPTION JOURNAL POST. REF. DEBIT CREDIT ACCOUNTING FOLIATION ASSETS PAGE 1 LIABILITIES EQUITY
Camden Hardware’s credit sales for the year were $320,000. Accounts receivable at the beginning and end of the year were $50,000 and $70,000, respectively. Calculate the accounts receivable turnover ratio and the average collection period for the year.
c. Accounts receivable at the beginning of the year are $335. The company has a 30-day collection period. Calculate cash collections in each of the four quarters by completing the following: Note: Do not round intermediate calculations and round your answers to the nearest whole number, e.g., 32. Beginning receivables Sales Cash collections Ending receivables $ Q1 335 750 Q2 810 I Q3 890 Q4 980
On June 30, Premier Party Planners had a $35,000 balance in AccountsReceivable and a $2,752 credit balance in Allowance for Uncollectible Accounts. DuringJuly, Premier made credit sales of $193,000. July collections on account were $164,000,and write-offs of uncollectible receivables totaled $2,870. Uncollectible-accounts expense isestimated as 3% of credit sales. No sales returns are expected. Ignore cost of goods sold.Requirements1. Journalize sales, collections, write-offs of uncollectibles, and uncollectible-accountexpense by the allowance method during July. Explanations are not required.2. Show the ending balances in Accounts Receivable, Allowance for Uncollectible Accounts,and Net Accounts Receivable at July 31. How much does Premier expect to collect?3. Show how Premier Party Planners will report accounts receivable and net sales on its July31 balance sheet and income statement for the month ended July 31.
The following information relates to a company’s accounts receivable: accounts receivable balance at the beginning of the year, $360,000: allowance for uncollectible accounts at the beginning, $30,000, credit sales during the year, $1,800,000; accounts receivable written off during the year $19,200; cash collections from customers; $1,740,000. the company estimates that the required year-end balance in the allowance for uncollectible accounts should be $40,080. What is the year-end gross and net accounts receivable balance?
AB Ltd.has a petty cash account that is set at $1,200. In month 1 the month end replenishment is for 20% of the fund. In month 2 the month end replenishment is for 25% of the fund and in month 3 the fund size is increased by $200 and the replenishment is for 22% of the fund level. Required: How much is the highest monthly expense from replenishment?
The cash register tape for Marin Industries reported sales of $10,307.20. Record the journal entry that would be necessary for each of the following situations. a) Sales per cash register tape exceeds cash on hand by $76.12. b) Cash on hand exceeds cash reported by cash register tape by $42.47.