At December 31, 2021, Ivanhoe Industries reports the following selected accounts from the unadjusted trial balance for its first year of operations:

Account		Debit		Credit
Accounts receivable		$728,000
Accounts payable				$364,000
Cash		41,600
Cost of goods sold		1,820,000
Interest receivable		1,175
Interest revenue				2,350
Merchandise inventory		338,000
Notes receivable, due April 10, 2022		46,800
Prepaid insurance		8,320
Refund liability				65,000
Short-term investments		52,000
Sales				4,290,000
Sales returns and allowances		104,000
Unearned revenue				26,000

• Your Answer
• Correct Answer (Used)

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. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)

Date	Account Titles and Explanation	Debit	Credit
Dec. 31	enter an account title to record estimate of uncollectible accounts on December 31	enter a debit amount	enter a credit amount
	enter an account title to record estimate of uncollectible accounts on December 31	enter a debit amount	enter a credit amount
	(To record estimate of uncollectible accounts.)

• Your Answer
• Correct Answer (Used)

Prepare the current assets section of the balance sheet for Ivanhoe Industries on December 31, 2021. (List Current Assets in order of liquidity. Enter account name only and do not provide descriptive information.)

IVANHOE INDUSTRIES Balance Sheet (Partial) choose the accounting period December 31, 2021For the Month Ended December 31, 2021For the Year Ended December 31, 2021
Assets
select an opening section name Current LiabilitiesTotal Long-Term LiabilitiesTotal Current LiabilitiesTotal Intangible AssetsLong-Term InvestmentsStockholders' EquityTotal AssetsCurrent AssetsTotal Liabilities and Stockholders' EquityTotal Property, Plant and EquipmentTotal Current AssetsTotal Long-Term InvestmentsTotal LiabilitiesTotal Stockholders' EquityProperty, Plant and EquipmentIntangible AssetsLong-Term Liabilities
enter a balance sheet item				$enter a dollar amount
enter a balance sheet item				enter a dollar amount
enter a balance sheet item		$enter a dollar amount
select between addition and deduction AddLess: enter a balance sheet item		enter a dollar amount		enter a subtotal of the two previous amounts
enter a balance sheet item				enter a dollar amount
enter a balance sheet item				enter a dollar amount
enter a balance sheet item				enter a dollar amount
enter a balance sheet item				enter a dollar amount
select a closing section name Intangible AssetsLong-Term InvestmentsCurrent LiabilitiesLong-Term LiabilitiesTotal Liabilities and Stockholders' EquityTotal Current LiabilitiesTotal Stockholders' EquityTotal Long-Term InvestmentsTotal Long-Term LiabilitiesTotal Intangible AssetsCurrent AssetsTotal Current AssetsStockholders' EquityProperty, Plant and EquipmentTotal Property, Plant and EquipmentTotal AssetsTotal Liabilities				$enter a total amount for this section

• Your Answer
• Correct Answer (Used)

Calculate the receivables turnover and collection period. (Remember that this is the end of the first year of business.) (Round answers to 1 decimal place, e.g. 52.7. Use 365 days for calculation.)

Receivables turnover		enter Receivables turnover in times rounded to 1 decimal place	times
Average collection period		enter Average collection period in days rounded to 1 decimal place	days