Question: (urgent) hi can you please answer this, a,b,c, and d. there is also answer for b which i already circles. thank you very much Prepare
Prepare journalentries P8-2A At December 31, 2011, Ihrke Imports reported this information on its balance related to bad debrs expense, sheet. and compute ratios. (S0 2,3,8), AP I Instructions (a) Prepare the journal entries to record each of these five transactions. Assume that no cash discounts were taken on the collections of accounts receivable. (Omit cost of goods sold entries.) (b) Enter the January 1, 2012, balances in Accounts Receivable and Allowance for Doubtful Accounts, post the entries to the two accounts (use T accounts), and determine the balances. (c) Prepare the journal entry to record bad debts expense for 2012, assuming that aging the accounts receivable indicates that estimated bad debts are $46,000. (d) Compute the receivables turnover ratio and average collection period
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