.a. -Schneider Company has a May 31 fiscal year end and adjusts accounts annually. Selected transactions in the year included the following:Jan.  2Sold $24,000 of merchandise to Sapounas Company, terms n/30. The cost of the goods sold was $14,400. Schneider uses the perpetual inventory system.Feb.  1Accepted a $24,000, five-month, 5% promissory note from Sapounas Company for the balance due. (See January 2 transaction.) Interest is payable at maturity.15Sold $15,000 of merchandise costing $9,000 to Garrison Company and accepted Garrison's three-month, 5% note in payment. Interest is payable at maturity.Mar. 15Sold $12,000 of merchandise to Hoffman Co., terms n/30. The cost of the merchandise sold was $7,200.April 15Collected the amount owing from Hoffman Co. in full.May   15Collected the Garrison note in full. (See February 15 transaction.)31Accrued interest at year end.July  1Sapounas Company dishonoured its note of February 1. The company is bankrupt and there is no hope of future settlement.13Sold $6,000 merchandise costing $3,600 to Weber Enterprises and accepted Weber's $6,000, three-month, 7% note for the amount due, with interest payable at maturity.Oct.  13The Weber Enterprises note was dishonoured. (See July 13 transaction.) It is expected that Weber will eventually pay the amount owed.InstructionsRecord the above transactions. (Round calculations to the nearest dollar.)1.b -AN Jensen Company's general ledger included the following selected accounts (in thousands) at December 31, 2021:Accounts payable$1,077.3Accounts receivable590.4Accumulated depreciation—equipment858.7Allowance for doubtful accounts35.4Bad debt expense91.3Cash395.6Cost of goods sold660.4Equipment1,732.8Interest revenue19.7Merchandise inventory630.9Notes receivable—due in 202296.0Notes receivable—due in 2025191.1Prepaid expenses20.1Sales4,565.5Sales discounts31.3Short-term investments194.9Supplies21.7Unearned revenue56.3Additional information:1.On December 31, 2020, Accounts Receivable was $611.1 thousand and the Allowance for Doubtful Accounts was $36.6 thousand.2.The receivables turnover was 8.3 the previous year.Instructionsa.  Prepare the assets section of the balance sheet.b.  Calculate the receivables turnover and average collection period. Compare these results with the previous year's results and comment on any trends

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Asked Nov 21, 2019
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.a. -Schneider Company has a May 31 fiscal year end and adjusts accounts annually. Selected transactions in the year included the following:

Jan.  2

Sold $24,000 of merchandise to Sapounas Company, terms n/30. The cost of the goods sold was $14,400. Schneider uses the perpetual inventory system.

Feb.  1

Accepted a $24,000, five-month, 5% promissory note from Sapounas Company for the balance due. (See January 2 transaction.) Interest is payable at maturity.

15

Sold $15,000 of merchandise costing $9,000 to Garrison Company and accepted Garrison's three-month, 5% note in payment. Interest is payable at maturity.

Mar. 15

Sold $12,000 of merchandise to Hoffman Co., terms n/30. The cost of the merchandise sold was $7,200.

April 15

Collected the amount owing from Hoffman Co. in full.

May   15

Collected the Garrison note in full. (See February 15 transaction.)

31

Accrued interest at year end.

July  1

Sapounas Company dishonoured its note of February 1. The company is bankrupt and there is no hope of future settlement.

13

Sold $6,000 merchandise costing $3,600 to Weber Enterprises and accepted Weber's $6,000, three-month, 7% note for the amount due, with interest payable at maturity.

Oct.  13

The Weber Enterprises note was dishonoured. (See July 13 transaction.) It is expected that Weber will eventually pay the amount owed.

Instructions

Record the above transactions. (Round calculations to the nearest dollar.)


1.b -AN Jensen Company's general ledger included the following selected accounts (in thousands) at December 31, 2021:

Accounts payable

$1,077.3

Accounts receivable

590.4

Accumulated depreciation—equipment

858.7

Allowance for doubtful accounts

35.4

Bad debt expense

91.3

Cash

395.6

Cost of goods sold

660.4

Equipment

1,732.8

Interest revenue

19.7

Merchandise inventory

630.9

Notes receivable—due in 2022

96.0

Notes receivable—due in 2025

191.1

Prepaid expenses

20.1

Sales

4,565.5

Sales discounts

31.3

Short-term investments

194.9

Supplies

21.7

Unearned revenue

56.3

Additional information:

1.On December 31, 2020, Accounts Receivable was $611.1 thousand and the Allowance for Doubtful Accounts was $36.6 thousand.

2.The receivables turnover was 8.3 the previous year.

Instructions

a.  

Prepare the assets section of the balance sheet.

b.  

Calculate the receivables turnover and average collection period. Compare these results with the previous year's results and comment on any trends

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Expert Answer

Step 1

In this case, you are posted two questions and we can able to answer in first part (1-a). Please re-post second part (1-b) again.

Step 2

Prepare necessary journal entries for the given transaction.

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Journal entry in the books of Company S Post Credit Debit (S) Account Title and Explanation Date Ref. (S) $24,000 Jan-02 Accounts receivable Sales revenue (To record the sales made to Company S on accoint) Cost of merchandise sold Inventory (To record the cost of merchamdise sold) $24,000 $14,400 $14,400 Feb-01 Promissory note Accounts receivable S24,000 $24,000 (To record the promissory note issued from companv S) Feb-15 Promissory note S15,000 $15,000 Sales revenue (To record the sales made to Company G on note) Cost of merchandise sold Inventory (To record the cost of merchamdise sold $9.000 $9,000 Mar-15 Accounts receivable $12,000 $12,000 Sales revenue (To record the sales made to Compary H on account) Cost of merchandise sold Inventory (To record the cost of merchandise sold) $7.200 $7,200 $12,000 Apr-15 Cash Accounts receivable $12,000 (To record the cash received from company H

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