At December 31, 2024, Blossom Industries reports the following selected accounts from the unadjusted trial balance for its first year of operations:

Account		Debit		Credit
Accounts payable				$259,000
Accounts receivable		$518,000
Cash		29,600
Cost of goods sold		1,295,000
Interest receivable		825
Interest revenue				1,675
Merchandise inventory		240,500
Notes receivable, due April 10, 2025		33,300
Prepaid insurance		5,920
Sales				3,000,700
Sales returns and allowances		74,000
Short-term investments		37,000
Unearned revenue				18,500

(a)

Prepare the journal entry to record the bad debt expense on December 31, 2024, 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. List debit entry before credit entry.)

Date	Account Titles	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

Question Part Score

4/4

(b)

Prepare the current assets section of the balance sheet for Blossom Industries on December 31, 2024. (List Current Assets in order of liquidity. Enter account name only and do not provide descriptive information.)

BLOSSOM INDUSTRIES Balance Sheet (Partial) choose the accounting period December 31, 2024Month Ended December 31, 2024Year Ended December 31, 2024
Assets
select an opening section name Current AssetsCurrent LiabilitiesIntangible AssetsLong-Term InvestmentsLong-Term LiabilitiesProperty, Plant, and EquipmentShareholders' EquityTotal AssetsTotal Current AssetsTotal Current LiabilitiesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Shareholders' EquityTotal Long-Term InvestmentsTotal Long-Term LiabilitiesTotal Property, Plant, and EquipmentTotal Shareholders' Equity
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 Current AssetsCurrent LiabilitiesIntangible AssetsLong-Term InvestmentsLong-Term LiabilitiesProperty, Plant, and EquipmentShareholders' EquityTotal AssetsTotal Current AssetsTotal Current LiabilitiesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Shareholders' EquityTotal Long-Term InvestmentsTotal Long-Term LiabilitiesTotal Property, Plant, and EquipmentTotal Shareholders' Equity				$enter a total amount for this section

Question Part Score

12/12

(c)

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 a number of times rounded to 1 decimal place	times
Collection period		enter a number of days rounded to 1 decimal place	days

**To clarify, I only need help with the last question!! I got the others right, I'm just confused about the last question :(**