CHAPTER 7

Days to Collect A/R (or days A/R outstanding) is easier to interpret. ... a 1% penalty will be imposed for every month the account is past due. How much must Bowden pay if the invoice is paid on. November 3, 2002? November 24, 2002? ... Give the adjusting entry on December 31, 2001 if the allowance account has a $2,000 credit balance before ... ................
................