During August 2024, Texit Company recorded the following: • Sales of $37,000 ($22.000 on account: $15,000 for cash). Ignore Cost of Goods Sold. . Collections on account, $11,800. • Write-offs of uncollectible receivables. $1,480. • Recovery of receivable previously written off, $600. Requirements Journalize Texit's transactions during August 2024, assuming Texit uses the direct write-off method. Journalize Texit's transactions during August 2024, assuming Texit uses the allowance method. 1. 2.

During August 2024, Texit Company recorded the following: • Sales of $37,000 ($22.000 on account: $15,000 for cash). Ignore Cost of Goods Sold. . Collections on account, $11,800. • Write-offs of uncollectible receivables. $1,480. • Recovery of receivable previously written off, $600. Requirements Journalize Texit's transactions during August 2024, assuming Texit uses the direct write-off method. Journalize Texit's transactions during August 2024, assuming Texit uses the allowance method. 1. 2.

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter9: Accounting For Receivables

Section: Chapter Questions

Problem 10EA: Millennial Manufacturing has net credit sales for 2018 in the amount of $1,433,630, beginning...

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Starlight Enterprises has net credit sales for 2019 in the amount of $2,600,325, beginning accounts receivable balance of $844,260, and an ending accounts receivable balance of $604,930. Compute the accounts receivable turnover ratio and the number of days sales in receivables ratio for 2019 (round answers to two decimal places). What do the outcomes tell a potential investor about Starlight Enterprises if the industry average is 1.5 times and the number of days sales ratio is 175 days?
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Last year, Tobys Hats had net sales of 45,000,000 and cost of goods sold of 29,000,000. Tobys had the following balances: Refer to the information for Tobys on the previous page. Required: Note: Round answers to one decimal place. 1. Calculate the average accounts receivable. 2. Calculate the accounts receivable turnover ratio. 3. Calculate the accounts receivable turnover in days.
During August 2024, Texit Company recorded the following: • Sales of $37,000 ($22,000 on account; $15,000 for cash). Ignore Cost of Goods Sold. • Collections on account, $11,800. • Write-offs of uncollectible receivables, $1,480. • Recovery of receivable previously written off, $600. C Requirements Journalize Texit's transactions during August 2024, assuming Texit uses the direct write-off method. Journalize Texit's transactions during August 2024, assuming Texit uses the allowance method. 1. 2. Requirement 1. Journalize Texit's transactions during August 2024, assuming Texit uses the direct write-off method. Sales of $37,000 ($22,000 on account; $15,000 for cash). Ignore Cost of Goods Sold. (Record debits first, then credits. Select the explanation on the last line of the journal entry table. Prepare a single compound journal entry.) Credit Accounts and Explanation Debit Date Aug.
During August 2024, Helio Company recorded the following: • Sales of $91,400 ($77,000 on account, $14,400 for cash). Ignore Cost of Goods Sold • Collections on account, $63,700. • Write-offs of uncollectible receivables, $1,680. • Recovery of receivable previously written off, $700. Requirements Journalize Helio's transactions during August 2024, assuming Helio uses the direct write-off method. 1. 2. Journalize Helio's transactions during August 2024, assuming Helio uses the allowance method.
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During May 2020, Kaili Company recorded the following: a. Sales totaled $60,300 of which sales on account totaled $53,600 with cash sales totaling $6,700. Ignore Cost of Goods Sold. b. Collections on account totaled, $34,700. c. Write-offs of uncollectible receivables, $1,760. d. Recovery of receivable previously written of totaled, $470. Journalize transactions for Kaili Company for May 2020 assuming Kaili Company uses the direct write-off method. Date TO C Description Debit Credit I Journalize transactions for Kaili Company for May 2020 assuming Kaili Company uses the allowance method.
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