Question: EA6 EA6. LO 9.2 Millennium Associates records bad debt using the allowance, balance sheet method. They recorded $299,420 in accounts receivable for the year, and

allowance, balance sheet method. They recorded $299,420 in accounts receivable for the

year, and S773,270 in credit sales. The uncollectible percentage is 3.2%. On

November 22, Millennium Associates identifies one uncollectible account from Angel's Hardware in

EA6 EA6. LO 9.2 Millennium Associates records bad debt using the allowance, balance sheet method. They recorded $299,420 in accounts receivable for the year, and S773,270 in credit sales. The uncollectible percentage is 3.2%. On November 22, Millennium Associates identifies one uncollectible account from Angel's Hardware in the amount of $3,650. On December 18, Angel's Hardware unexpectedly pays its account in full Record journal entries for the following A Year-end adjusting entry for 2017 bad debt B. November 22, 2018 identification entry C. Entry for payment on December 18, 2018 2 3 14 15 16 17 18 13 EAS EAS. LO 9.3 Using the following select financial statement information from Black Water Industries, compute the accounts receivable turnover ratios for 2018 and 2019 (round answers to two decimal places). What do the outcomes tell a potential investor about Black Water Industries? BLACK WATER INDUSTRIES Year Net Credit Sales Ending Accounts Receivable 2017 5685,430 $330,250 2018 700,290 360,450 o 2019 768,500 401,650 1 12 2018 13 2019 + EA9 EA9. LO 9.3 Using the following select financial statement information from Black Water 3 Industries, compute the number of days' sales in receivables ratios for 2018 and 2019 (round 4 answers to two decimal places). What do the outcomes tell a potential investor about Black 5 Water Industries? 6 BLACK WATER INDUSTRIES 7 Year Net Credit Sales Ending Accounts Receivable 2017 $685,430 $330.250 9 2018 700,290 360,450 10 2019 768,500 401,650 11 12 2018 8 1 13 2019 1 EA10 4 EA10. LO 9.3 Millennial Manufacturing has net credit sales for 2018 in the amount of 3 $1,433,630, beginning accounts receivable balance of $585,900, and an ending accounts receivable balance of $621,450. Compute the accounts receivable turnover ratio and the number 5 of days' sales in receivables ratio for 2018 (round answers to two decimal places). What do the outcomes tell a potential investor about Millennial Manufacturing if industry average is 2.6 times and number of day's sales ratio is 180 days? 6 7 8 9 2018 2018 times days 10

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