162. On May 1, 2015, a company lends $100,000 to one of its main suppliers and accepts a month, 6% note. Record the acceptance of the note on May 1, 2015, the adjustment on December 31, 2015, and the...

162. On May 1, 2015, a company lends $100,000 to one of its main suppliers and accepts a month, 6% note. Record the acceptance of the note on May 1, 2015, the adjustment on December 31, 2015, and the cash collection on May 1, 2016.

163. Below are amounts for two companies:

For each company, calculate the receivables turnover ratio. Which company appears more efficient in collecting cash from sales?

164. At the end of the year, a company reports a balance in its Allowance for Uncollectible Accounts of $1,400 (credit) before any year-end adjustment. The company estimates future uncollectible accounts to be 3% of credit sales for the year. Credit sales for the year total $280,000. Record the adjustment for the allowance for uncollectible accounts using the percentage-of-credit-sales method.