Home / Questions / The following transactions occurred over the months of September to December at Nicole’s G...
The following transactions occurred over the months of September to December at Nicole’s Getaway Spa (NGS). September Sold spa merchandise to Ashley Welch Beauty for $ 1,800 on account; the cost of these goods to NGS was $ 900. October Sold merchandise to Kelly Fast Nail Gallery for $ 450 on account; the cost of these goods to NGS was $ 200. November Sold merchandise to Raea Gooding Wellness for $ 300 on account; the cost of these goods to NGS was $ 190. December Received $ 1,200 from Ashley Welch Beauty for payment on its account. Required: 1. Prepare journal entries for each of the transactions. Assume a perpetual inventory system. 2. Estimate the Allowance for Doubtful Accounts required at December 31, assuming the only receivables outstanding at December 31 arise from the transactions listed above. NGS uses the aging of accounts receivable method with the following uncollectible rates: one month, 2%; two months, 5%; three months, 20%; more than three months, 35%. 3. The Allowance for Doubtful Accounts balance was $ 47 (credit) before the end-of-period adjusting entry is made. Prepare the journal entry to account for the Bad Debt Expense. 4. Assume the end of the previous year showed net accounts receivable of $ 800, and net sales for the current year are $ 9,000. Calculate the accounts receivable turnover ratio (round to one decimal place). 5. Audrey’s Mineral Spa has an accounts receivable turnover ratio of 12.0 times. How does NGS compare to this competito
Apr 10 2020 Read more Less More
The truss shown in Figure 3 is constructed from a solid steel (circular) rod with a gross area Ag of 628 mm2 . The elastic modulus is E = 200 GPa. The support at A is pin...
May 24 2020A delivery truck has an active life of eight years and costs $35,000. The estimated trade-in schedule and annual O&M costs are given in the following table. The interest ...
Apr 13 2020When 0.5 J of heat passes between two large bodies in contact at temperatures of 70 ◦C and 25 ◦C, what is the change of entropy? If this occurs in 0.23 s, what is the rat...
Jun 14 2020Autodesk is a software and service company. I need to write a one paragraph summary about autodesk and it's current financial situation
Sep 08 2020evaluate a perpetuity with an initial cash flow of 5 and a constant growth of 7.5% with a discount rate of 10%, evaluate again previous perpetuity, the first cash flow to...
Apr 08 2020As the next step in your research you will need to do a holding period cash flow statement for each property to determine which property has the best long term profit pot...
Nov 26 2019Solve not in Excel and provide all the formulas.The company is evaluating if the replacement of an old machine is economically feasible. You have the following informatio...
Aug 14 20201. What is the purpose of tier-1 and tier-2 ISPs? What is the purpose of access ISPs?2. What is DNS?3. (a) What bit pattern is represented by 3.6.9 in dotted decimal nota...
Jul 06 2020Q4.What is the process of communication, what are the intentional or unintentional barriers that prevent organizational communication/s to be effective? What a m anager s...
May 25 2020A flat-rate tax assessed on property or other financial assets such as stocks and bonds is a(n)a.asset taxb.physical taxc.ownership taxd.p...
Feb 11 2020
Welcome to MyCourseHelp Services, World's leading Academic solutions provider with Millions of Happy Students.
