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Prepare journal entry to record estimated uncollectibles

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Question - During its first year of operations, Pearl Industries had credit sales of $2,877,900, of which $440,000 remained uncollected at year-end. The credit manager estimates that $18,910 of these receivables will become uncollectible.

Required -

Prepare the journal entry to record the estimated uncollectibles.

Prepare the current assets section of the balance sheet for Pearl Industries, assuming that in addition to the receivables it has cash of $85,660, merchandise inventory of $176,030, and supplies of $12,380.

Calculate the accounts receivable turnover. Assume that average net accounts receivable were $304,900.

Calculate the average collection period.

Reference no: EM132642512

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