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Question - At December 31, 2021, Cullumber Industries reports the following selected accounts from the unadjusted trial balance for its first year of operations:
Account
Debit
Credit
Accounts receivable
$868,000
Accounts payable
$434,000
Cash
49,600
Cost of goods sold
2,170,000
Interest receivable
1,400
Interest revenue
2,800
Merchandise inventory
403,000
Notes receivable, due April 10, 2022
55,800
Prepaid insurance
9,920
Refund liability
65,000
Short-term investments
62,000
Sales
3,205,400
Sales returns and allowances
124,000
Unearned revenue
31,000
Required -
a. Prepare the journal entry to record the bad debt expense on December 31, 2021, assuming the credit manager estimates that 4% of the accounts receivable will become uncollectible.
b. Prepare the current assets section of the balance sheet for Cullumber Industries on December 31, 2021.
c. Calculate the receivables turnover and collection period. (Remember that this is the end of the first year of business.).
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