The president of Thompson Enterprises asks if you could indicate the impact certain transactions have on the
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Instructions
Complete the table, indicating whether each transaction will increase (I), decrease (D), or have no effect (NE) on the specific ratios provided for ThompsonEnterprises.
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Accounts Average Collection Period (36.5 days) Current Reable Ratio Turnover (10x) Transaction 1. Recorded $4,300 sales on account. The cost of the goods sold was 2. Recorded bad debt expense of $700 3. Wrote off a $300 account receivable 4. Collected a $200 account receivable $2,000 using allowance method. as uncollectible (uses allowance method). that had previously been written off.
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Related Book For
Accounting Tools for Business Decision Making
ISBN: 978-1118128169
5th edition
Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso
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