Aging Accounts Receivable On September 30, 2010 (the end of its fiscal year), the Lufkin…

Aging Accounts Receivable On September 30, 2010 (the end of its fiscal year), the Lufkin Corporation reported accounts receivable of $331,750 and an allowance for doubtful accounts of $16,700. During fiscal 2011, the following transactions occurred: Credit sales (terms, n/EOM)                                       $2,017,800 Collections on accounts receivable                           1,956,000 Accounts receivable written off                                                16,200 On September 30, 2011, an aging of the accounts receivable balance indicated the following: Required 1. Prepare the journal entries necessary to record the credit sales, collections on account, write-off of accounts receivable, and the bad debts expense for Lufkin for fiscal 2011. 2. What are Lufkin’s September 30, 2011 balances in Accounts Receivable and in its Allowance for Doubtful Accounts, and how will they be disclosed on the September 30, 2011 balance sheet? 3. Compute Lufkin’s receivables turnover in days, assuming a 360-day business year (as discussed earlier in the chapter and in the Appendix to Chapter 6). What is your evaluation of its collection policies?

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