Business

BUS591 – Financial Statement and Analysis

Week 4 Homework Assignment Templates

Instructions: Only enter data in the yellow boxes. The remaining areas are already completed for you.

Save the file as follows: lastnamewk4.docx

Submit to the assignment box before the due date. (Late assignments will receive a late penalty).

Problem 8-2B

(a) Journalize the transactions, including explanations. (Note, enter all accounts in one box. The dates have been included to help with formatting).

Date | | Account Titles and Explanation | | Debit | | Credit |

1 | | | | | | |

| | | | | | |

2 | | | | | | |

| | | | | | |

3 | | | | | | |

| | | | | | |

4 | | | | | | |

| | | | | | |

5 | | | | | | |

| | | | | | |

(b) Post the transactions to the ledger T Accounts

Be sure to post the amounts to the correct side of the T-Account!

Accounts Receivable |

Bal.   | (2) |

(1) | (3) |

(5) | (4) |

| (5) |

Bal. | |

Allowance for Doubtful Accounts |

(4) | Bal. |

| (5) |

| Bal. |

(c) Enter the amounts to the right of the dollar signs. Don’t forget to complete the journal entry to record the bad debt expense.

Balance needed $

Balance before adjustment [see (b)]

Adjustment required $

The journal entry would therefore be as follows:

(d) Accounts Receivable Turnover Ratios:

Enter your answer here

Average Collection Period:

Enter your answer here

Problem 8-6B (next page)

(a) Journalize the transactions, including explanations. (Note, enter all accounts in one box. The dates have been included to help with formatting).

Date | | Account Titles and Explanation | | Debit | | Credit |

5 | | | | | | |

| | | | | | |

20 | | | | | | |...