SCh08 - Student Name: Instructor Class: McGraw-Hill/Irwin...

Info iconThis preview shows pages 1–3. Sign up to view the full content.

View Full Document Right Arrow Icon
Student Name: Instructor Class: McGraw-Hill/Irwin Demonstration Case 8A Requirement 1: dr Bad Debt Expense 950 Stockholders' cr Allowance for Doubtful Accounts 950 Assets = Liabilities + Equity Correct! Allowance for Doubtful Accounts - 950 Bad Debt Expense - 950 Requirement 2: dr Allowance for Doubtful Accounts 500 Stockholders' cr Accounts Receivable 500 Assets = Liabilities + Equity Correct! Accounts Receivable - 500 Allowance for Doubtful Accounts + 500 Requirement 3: dr Bad Debt Expense 8,000 Stockholders' cr Allowance for Doubtful Accounts 8,000 Assets = Liabilities + Equity Correct! Allowance for Doubtful Accounts - 8,000 Bad Debt Expense - 8,000 Requirement 4: Receivables Turnover Ratio Net Sales = 950,000 = 5.8 Average Accounts Receivable 163,793 Correct! Requirement 5: 2009 Days to Collect 365 = 365 = 57 Receivables Turnover Ratio 6.4 Correct! 2010 Days to Collect 365 = 365 = 63 Receivables Turnover Ratio 5.8 Correct!
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Given Data DC8A: Shooby Dooby Shoe information: Merchandise sold on credit during 2010.
Background image of page 2
Image of page 3
This is the end of the preview. Sign up to access the rest of the document.

Page1 / 6

SCh08 - Student Name: Instructor Class: McGraw-Hill/Irwin...

This preview shows document pages 1 - 3. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online