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.
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.
[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 

Place your order
(550 words)

Approximate price: $22

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:
The price is based on these factors:
Academic level
Number of pages
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

Delivering a high-quality product at a reasonable price is not enough anymore.
That’s why we have developed 5 beneficial guarantees that will make your experience with our service enjoyable, easy, and safe.

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

Each paper is composed from scratch, according to your instructions. It is then checked by our plagiarism-detection software. There is no gap where plagiarism could squeeze in.

Read more

Free-revision policy

Thanks to our free revisions, there is no way for you to be unsatisfied. We will work on your paper until you are completely happy with the result.

Read more

Privacy policy

Your email is safe, as we store it according to international data protection rules. Your bank details are secure, as we use only reliable payment systems.

Read more

Fair-cooperation guarantee

By sending us your money, you buy the service we provide. Check out our terms and conditions if you prefer business talks to be laid out in official language.

Read more