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Answered Same Day Apr 30, 2021

Solution

Ashish answered on May 02 2021

158 Votes

Sheet1
    Solution-1
        E)
    Solution-2
        D)
    Solution-3
        E)
    Solution-4
        D)
    Solution-5
        C)
    Solution-6
        E)
    Solution-7
        C)
    Solution-8
        B)
    Solution-9
        B)
    Solution-10
        D)
    Solution-11
        C)
        Calculation-
        Date    Account Title and Explanation    Debit    Credit
        Year end    Bad debt expenses    $42,000
            Allowance for doubtful debts        $42,000
    Solution-12
        D)
    Solution-13
        A)
        Calculation-
        Allowance for doubtful account    $2,800
    Solution-14
        A)
        Calculation-
        Receivables Turnover Ratio = Sales/Average Receivables = 165000/((85000 + 95000)/2) = 1.833 times
    Solution-15
        A)
        Calculation-
        Receivables Turnover Ratio = Sales/Average Accounts Receivables = 280000/(86000+92000)/2 = 3.14 times
        Average Collection Period = 365 days / Receivables Turnover Ratio
        Average Collection Period = 365 days / 3.14
        Average Collection Period = 116.02...

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