Alpha Company sold goods to customers who used Under-the-Hill bank credit cards. Credit card sales on July 8, 2016 amounted to $12,000 and were subject to a 2.5% bank fee.
1)Alpha Company sold goods to customers who used Under-the-Hill bank credit cards. Credit card sales on
July 8, 2016 amounted to $12,000 and were subject to a 2.5% bank fee. Use this information to prepare the General Journal entry (without explanation) for July 8, 2016. 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):
Alpha CO
12/31
2016 2015
Accounts Receivable 40,000. 32,000
Merchandise Inventory 57,000. 50,000
Office supplies 25,000. 20,000
Credit sales 950,000. 740,000
Interest Income 25,000. 20,000
Cost of Goods sold 460,000. 385,000
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)
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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