Answer d ooo Inland C... LTE 6:39 PM edugen.wileyplus.com Problem 9-1A (Part Lev

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Answer d ooo Inland C... LTE 6:39 PM edugen.wileyplus.com Problem 9-1A (Part Level Submission) At December 31, 2016, House Co. reported the following information c its balance sheet. $960,500 78,000 Less: Allowance fer doubtrul accounts During 2017, the company had the following transactions related to receivables. 1. Sales on account 2. Sales returns and allowances 3. Collections of accounts receivable $3,665.00o 8,000 90,100 S. Recovery of bad debts previously written off as uncollectible 30,00 Your answer is correct. Prepare the journal entries to record each of these five transactions. Assume that no cash discounts were taken on the collections of accour receivable. (Credit account titles are automatically indented whe amount is entered. Do not indent manually.) Ne Account Titles and Explanation Sales Revenu (To reverse account previously written off.) (To record the collection of accounts receivable.)

Explanation / Answer

Accounts receivable turnover = net sales /average accounts receivable

net sales = 3665000-48000 = 3617000

average account receivable = ((960500-78000)+(1673600-115000))/2 = 1220550

Accounts receivable turnover = 3617000/1220550 = 2.96 times

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