entry INSTRUCTIONS Prepare entries 'n general journal form for West Motors relating to this transac tion and to the note

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Entry Instructions Prepare Entries N General Journal Form For West Motors Relating To This Transac Tion And To The Note 1 (133.12 KiB) Viewed 8 times

entry INSTRUCTIONS Prepare entries 'n general journal form for West Motors relating to this transac tion and to the note for the year ended December 31. Include the adjusting e needed to record interest earned to December 31. (Adjusting entries are made only is, an equal amount of interest revenue is considered earned in each month.) at year-end. Assume the discount is amortized by the straight-line method-that PROBLEM 8A-1 Hey, Pal When You Gonna Pay for This Beer? INSTRUCTIONS West Motors uses a perpetual Truck Lines were carried in West's inventory PROBLEMS Group A Shown below are the net sales and the average amounts of accounts receivable of two beverage companies in a recent year: Adolph Coors Anheuser-Busch Cos., Inc. (Dollars in Millions) Average Accounts Receivable $ 95 337 Net Sales $1,315 7,677 a For each of these companies, compute: 1 The number of times that the average balance of accounts receivable turned over during this fiscal year. (Round to the nearest tenth.) 2 The number of days (on average) that each company must wait to collect its accounts receivable. (Round to the nearest day.) b Based upon your computations in part a, which company's accounts receivable appear to be the more "liquid" asset? Explain briefly.