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Compute the accounts receivables turnover

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Question

At December 31, 2016, Sarasota Corp. Imports reported this information on its balance sheet.

Accounts receivable $554,000

Less: Allowance for doubtful accounts 40,020

During 2017, the company had the following transactions related to receivables.

1. Sales on account $2,859,100

2. Sales returns and allowances 44,912

3. Collections of accounts receivable 2,521,000

4. Write-offs of accounts receivable deemed uncollectible 43,660

5. Recovery of bad debts previously written off as uncollectible 14,960

-Enter the January 1, 2017, balances in Accounts Receivable and Allowance for Doubtful Accounts, post the entries to the two accounts and determine the balances. (Post entries in the order of journal entries posted in the previous part)

-Prepare journal entry to record bad debts expense for 2017

-Compute the accounts receivables turnover

-Compute average collection period

Reference no: EM132326532

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