Acc- p8-7a giraldi enterprises & p8-8a kolton company

P8-7A : The President of Giraldi Enterprises asks if you could indicate the impact certain transactions have on the following ratios:
Transaction Current Ratio (2:1) Accounts Receivable Turnover (10x) Average collection period (36.5 days)
1] Received %5,000 on cash sale.
The cost of goods sold was $2,600
2] Recorded bad debt expense of $500
using allowance method.
3] Wrote off a $100 account receivable as
uncollectible (uses allowance method.)
4] Recorded $2,500 sales on account.
The cost of the good sold was $1,500.
Instructions : Complete the table, indicating whether each transaction will increase (I), decrease (D), or have no effect (NE) on the specific ratios provided for Giraldi Enterprises.
______________________________________________________________________________________________________________________
P8-8A
Kolton Copany closes its books on its July 31 year-end. The company does not make entries to accrue for interest except at its year-end. On June 30, the Notes Receivable account balance is $23,800. Notes Receivable include the following.
Date Maker Face Value Term Maturity Date Interest Rate
April 21 Booth Inc. $ 6,000 90 days July 20 8%
May 25 Mannling Co 7,800 60 days July 24 10%
June 30 ANF Corp 10,000 6 months December 31 6%
During July, the following transactions were completed.
July 5 Made sale of $4,500 on Kolton credit cards,
14 Made sale of $600 on Visa credit cards, The credit card service charge i2 3%
20 Received payment in full from Booth Inc. in the amount due.
24 Received payment in full from manning Co. on the amount due.
Instructions:
[1] Journalize the July transactions and the July 31 adjusting entry for accrued interest receivable. (Interest is computed using 360 days, omit cost of 
goods sold entries.
[2] Enter the balance at July 1 in the receivable accounts and post the entries to all of the receivable accounts. (Use T-accounts.)
[3] Show the balance sheet presentation of 

Order a unique copy of this paper
(550 words)

Approximate price: $22

Basic features
  • Free title page and bibliography
  • Unlimited revisions
  • Plagiarism-free guarantee
  • Money-back guarantee
  • 24/7 support
On-demand options
  • Writer’s samples
  • Part-by-part delivery
  • Overnight delivery
  • Copies of used sources
  • Expert Proofreading
Paper format
  • 275 words per page
  • 12 pt Arial/Times New Roman
  • Double line spacing
  • Any citation style (APA, MLA, Chicago/Turabian, Harvard)

Our guarantees

We value our customers and so we ensure that what we do is 100% original..
With us you are guaranteed of quality work done by our qualified experts.Your information and everything that you do with us is kept completely confidential.

Money-back guarantee

You have to be 100% sure of the quality of your product to give a money-back guarantee. This describes us perfectly. Make sure that this guarantee is totally transparent.

Read more

Zero-plagiarism guarantee

The Product ordered is guaranteed to be original. Orders are checked by the most advanced anti-plagiarism software in the market to assure that the Product is 100% original. The Company has a zero tolerance policy for plagiarism.

Read more

Free-revision policy

The Free Revision policy is a courtesy service that the Company provides to help ensure Customer’s total satisfaction with the completed Order. To receive free revision the Company requires that the Customer provide the request within fourteen (14) days from the first completion date and within a period of thirty (30) days for dissertations.

Read more

Privacy policy

The Company is committed to protect the privacy of the Customer and it will never resell or share any of Customer’s personal information, including credit card data, with any third party. All the online transactions are processed through the secure and reliable online payment systems.

Read more

Fair-cooperation guarantee

By placing an order with us, you agree to the service we provide. We will endear to do all that it takes to deliver a comprehensive paper as per your requirements. We also count on your cooperation to ensure that we deliver on this mandate.

Read more

Calculate the price of your order

550 words
We'll send you the first draft for approval by September 11, 2018 at 10:52 AM
Total price:
$26
The price is based on these factors:
Academic level
Number of pages
Urgency