Rawe corporation's accounts receivable at the end of year 2 was $329,000 and its accounts receivable at the end of year 1 was $280,000. sales, all on account, amounted to $1,350,000 in year 2. the company's average collection period (age of receivables) for year 2 is closest to days. a. 1.0 b. 1.2 c. 82.4 d. 89.0

On january 1, vermont corporation had 40,000 shares of $10 par value common stock issued and outstanding. all 40,000 shares has been issued in a prior period at $20.00 per share. on february 1, vermont purchased 3,750 shares of treasury stock for $24 per share and later sold the treasury shares for $21 per share on march 1. the journal entry to record the purchase of the treasury shares on february 1 would include a credit to treasury stock for $90,000 debit to treasury stock for $90,000 credit to a gain account for $112,500 debit to a loss account for $112,500