During its first year of operations, Cullumber Retail had credit sales of R$3,600,000, of which...
90.2K
Verified Solution
Link Copied!
Question
Accounting
During its first year of operations, Cullumber Retail had credit sales of R$3,600,000, of which R$470,000 remained uncollected at year-end. The credit manager estimates that R$21,600 of these receivables will become uncollectible. Prepare the journal entry to record the estimated uncollectibles. Assume an unadjusted balance of zero in Allowance for Doubtful Accounts.) (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit Prepare the current assets section of the statement of financial position for Cullumber Retail, assuming that in addition to the receivables it has cash of R$90,000, merchandise inventory of R$ 172,000, and supplies of R$17,000. (List Current Assets in reverse order of liquidity.) CULLUMBER COMPANY Balance Sheet(Partial) R$ R$ R$ Calculate the accounts receivable turnover and average collection period. Assume that average net accounts receivable were R$240,000. (Use 365 days for calculation. Round average collection period to 1 decimal place, e.g. 15.1.) Accounts receivable turnover times Average collection period days
Answer & Explanation
Solved by verified expert
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
Unlimited Question Access with detailed Answers
Zin AI - 3 Million Words
10 Dall-E 3 Images
20 Plot Generations
Conversation with Dialogue Memory
No Ads, Ever!
Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
