50.1K
Verified Solution
Link Copied!
- STROUP Supply Co. has the following transactions related to notes receivable during the last month of 2019.
Dec. 16 Received a $4,000, 6 month, 9% note in exchange for Weinbergs outstanding accounts receivable.
Dec. 31 Accrued interest revenue on all notes receivable.
- Prepare the two journal entries required for the transactions for Stroup Supply Co.
1.The following information is available for Wenger Company.
Beginning accounts receivable $ 80,000 Ending accounts receivable 120,000 Net sales 1,000,000
Instructions:a) Compute the receivables turnover ratio
b) Compute the average collection period (days outstanding).
1.Discuss what this means in words. (Two sentences)
Answer & Explanation
Solved by verified expert
