Exam 5: Receivables and Revenue

A company has net credit sales of $950,000,a beginning balance of net receivables of $71,000,and an ending balance of net receivables of $95,000.Its days' sales outstanding is: (Round any intermediary calculations to two decimal places and your final answer to the nearest day. )

When journalizing for an actual sales return,there would be a debit to:

On December 31 of the current year,Jerome Company has an accounts receivable balance of $329,000 before any year-end adjustments.The Allowance for Doubtful Accounts has a $1,100 credit balance.The company prepares the following aging schedule for accounts receivable: What is the Allowance for Uncollectible Accounts at December 31 of the current year after adjustments?

If the quick ratio is 3,and the current liabilities are $200,000,what is the amount of quick assets? (Round your final answer to the nearest dollar. )

Customers usually have a right to return unsatisfactory or damaged merchandise to sellers for refund,credit,or exchange.

If Abby,Inc.sells items to a customer who uses a credit card for $1,900,and there is a credit card fee of 2.5%,Abby will record a(n): (Round your final answer to the nearest dollar. )

The multiple subsidiary ledgers for accounts receivable shows the separate accounts for each individual customer.

The quick ratio and the day's sales outstanding measure:

A company that uses the allowance method,writes-off a receivable of $3,000.Prior to the journal entry,the credit balance in the Allowance for Uncollectible Accounts was $23,432 and Accounts Receivable were $2,009,000.After the entry to write-off the receivable is made,the net realizable value of Accounts Receivable will be:

Large customers with excellent credit histories and cash flows often get trade discounts for making large purchases.

On October 1,2019,the Early Bank lends money to a customer on a six month note.The bank accrues interest on the note at December 31,2019.The bank's journal entry on December 31,2019 would include a:

Under the direct write-off method,the journal entry to record Uncollectible-Account Expense includes a credit to Accounts Receivable.

The maker of a note is the borrower.

Accounts receivable turnover equals:

If the interest rate on a note is 12.5% and the principal was $57,000,what is the maturity value of the note,if the term of the note is 5 months? (Round your final answer to the nearest dollar. )

The higher the quick ratio,the easier it is to pay current liabilities.