Prepare the journal entry for arnos to record the sale

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Accounting Questions -

Q1) Ruby Company designated Jill Holland as petty cash custodian and established a petty cash fund of $200. The fund is reimbursed when the cash in the fund is at $15. Petty cash receipts indicate funds were disbursed for office supplies $94 and miscellaneous expense $87. Prepare journal entries for the establishment of the fund and the reimbursement?

Q2) The financial statements of General Mills, Inc. report net sales of $12,442,000,000. Accounts receivable are $912,000,000 at the beginning of the year and $953,000,000 at the end of the year. Compute General Mills' accounts receivable turnover ratio. Compute General Mills' average collection period for accounts receivable in days?

Q3) Arnos Woodcrafters sells $250,000 of receivables to Commercial Factors, Inc. on a with recourse basis. Commercial assesses a finance charge of 5% and retains an amount equal to 4% of accounts receivable. Arnos estimates the fair value of the recourse liability to be $8,000. Prepare the journal entry for Arnos to record the sale?

Reference no: EM133207163

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