At December 1, 2017, Imalda Inc. reported the following information on its statement of financial position:

Accounts receivable	$	154,000
Allowance for doubtful accounts		4,500		(credit balance)

The following transactions were completed during December 2017:
December	5		Sold merchandise items for $67,000. An amount of $19,000 was received in cash and the rest on account; terms 2/10, n/60. The total cost of sales was $35,000.
December	12		Collected cash for half of the credit sales made on December 5.
December	20		Collected $90,000 in cash from customers for credit sales made in November 2017.
December	26		One of Imaldas customers that owed $3,000 to the company experienced financial problems and was forced to close its business in December. The full amount was considered uncollectible.

Imalda uses the aging of accounts receivable method to determine bad debt expense. The aging schedule at December 31, 2017, gives the following information about the accounts receivable estimated uncollectible:

Age of accounts receivable
	Current	130 days past due	3160 days past due	Over 60 days past due
Total	42,000	31,500	5,000	6,500
Estimated % uncollectible	1%	2%	10%	30%

Required:
1.	Prepare the journal entries to record the transactions that occurred in December 2017. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

2-a.	Using the aging schedule, compute the bad debt expense for December 2017.

2-b.	Prepare the journal entry to record bad debt expense for December 2017. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

3.	Compute the gross profit percentage and the receivables turnover ratio for December 2017. (Round the final answers to 2 decimal places.)