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

Account		Debit		Credit
Accounts receivable		$826,000
Accounts payable				$413,000
Cash		47,200
Cost of goods sold		2,065,000
Interest receivable		1,325
Interest revenue				2,650
Merchandise inventory		383,500
Notes receivable, due April 10, 2022		53,100
Prepaid insurance		9,440
Refund liability				65,000
Short-term investments		59,000
Sales				3,091,600
Sales returns and allowances		118,000
Unearned revenue				29,500

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.)

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List of Accounts

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--/2.66

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

WILDHORSE 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 Total Property, Plant and EquipmentCurrent AssetsCurrent LiabilitiesLong-Term LiabilitiesIntangible AssetsTotal LiabilitiesTotal Current LiabilitiesTotal AssetsStockholders' EquityProperty, Plant and EquipmentTotal Liabilities and Stockholders' EquityLong-Term InvestmentsTotal Long-Term InvestmentsTotal Current AssetsTotal Long-Term LiabilitiesTotal Stockholders' EquityTotal Intangible Assets
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 Total Long-Term LiabilitiesTotal Long-Term InvestmentsStockholders' EquityCurrent AssetsTotal Stockholders' EquityTotal Liabilities and Stockholders' EquityTotal Property, Plant and EquipmentLong-Term InvestmentsLong-Term LiabilitiesTotal Current LiabilitiesCurrent LiabilitiesProperty, Plant and EquipmentTotal LiabilitiesTotal AssetsIntangible AssetsTotal Current AssetsTotal Intangible Assets				$enter a total amount for this section

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List of Accounts

Question Part Score

--/2.67

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

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List of Accounts

Question Part Score

--/2.67

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