STROUP Supply Co. has the following transactions related to notes receivable during the last month...
50.1K
Verified Solution
Link Copied!
Question
Accounting
- STROUP Supply Co. has the following transactions related to notes receivable during the last month of 2019.
Dec. 16 Received a $4,000, 6 month, 9% note in exchange for Weinbergs outstanding accounts receivable.
Dec. 31 Accrued interest revenue on all notes receivable.
- Prepare the two journal entries required for the transactions for Stroup Supply Co.
1.The following information is available for Wenger Company.
Beginning accounts receivable $ 80,000 Ending accounts receivable 120,000 Net sales 1,000,000
Instructions:a) Compute the receivables turnover ratio
b) Compute the average collection period (days outstanding).
1.Discuss what this means in words. (Two sentences)
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
- Unlimited Question Access with detailed Answers
- Zin AI - 3 Million Words
- 10 Dall-E 3 Images
- 20 Plot Generations
- Conversation with Dialogue Memory
- No Ads, Ever!
- Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Other questions asked by students
StudyZin's Question Purchase
1 Answer
$0.99
(Save $1 )
One time Pay
- No Ads
- Answer to 1 Question
- Get free Zin AI - 50 Thousand Words per Month
Best
Unlimited
$4.99*
(Save $5 )
Billed Monthly
- No Ads
- Answers to Unlimited Questions
- Get free Zin AI - 3 Million Words per Month
*First month only
Free
$0
- Get this answer for free!
- Sign up now to unlock the answer instantly
You can see the logs in the Dashboard.