At december 31, 2013, dustin company reported this information on its balance sheet. course hero10/6/2023 Customers pick up their orders at a counter where a clerk exchanges the pizza for cash. > Rosa’s Pizza operates strictly on a carryout basis. A summary of the Cash account in the ledger for August shows the following: balance, August 1, $18,700 receipts $74,000 disbursement > Werth Inc.†™ s bank statement from Hometown Bank at August 31, 2014, gives the following information. is trying to identify which of the amounts shown below should be reported as the current asset “Cash and cash equivalents” in the year-end balance sheet, as of April 30, 2014.1. Collections from customers: January $71,000, February $146,000.2. These are the relevant monthly budget data for the first two months of 2014.1. > Enright Company expects to have a cash balance of $46,000 on January 1, 2014. 1 Established the petty cash fund by writing a check on Westown Bank for $200.15 Replenished the petty cash fund by writing These transactions occurred during the month of August. > Lyle Company maintains a petty cash fund for small expenditures. (Omit cost of goods sold entries.)(b) Enter the January 1, 2014, 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 debt expense for 2014, assuming that aging the accounts receivable indicates that expected bad debts are $140,000.(d) Compute the accounts receivable turnover and average collection period. Assume that no cash discounts were taken on the collections of accounts receivable. Recovery of bad debts previously written off as uncollectible 28,000Instructions:(a) Prepare the journal entries to record each of these five transactions. Write-offs of accounts receivable deemed uncollectible 92,0005. Collections of accounts receivable 3,100,0004. Accounts receivable ………………………………………………$960,000Less: Allowance for doubtful accounts ……………………….78,000During 2014, the company had the following transactions related to receivables.1. At December 31, 2013, Dustin Company reported this information on its balance sheet.
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