1) For the fiscal year ended December 31, 2016, Alpha Company
1) For the fiscal year ended December 31, 2016, Alpha Company had
credits sales that amounted to $300,000. Historically, 2.5% of credit sales are uncollectible. Alpha Company uses the percentage of sales method to determine its uncollectible accounts. The balance before any end of the year adjusting entry in the Allowance for Uncollectable Accounts is a credit value of $1,575. Use this information to prepare the adjusting General Journal entry (without explanation) for the fiscal year. If no entry is required then write “No Entry Required.”
2) Alpha Company has the following account balances information for fiscal year 2015 & 2016 (all balances are normal):
) 1. What is the FY 2016 accounts receivable turnover ratio? Enter the answer as a number rounded to one decimal place followed by a space and the word times. (Example 1.123 would be entered 1.1 times)
2. What is the FY 2016 days outstanding for accounts receivable ratio? Enter the answer as a number rounded to one decimal place followed by a space and the word days. (Example 1.123 would be entered 1.1 days)
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