B.)

The financial statements of Blossom report net credit sales of $3.6 million. Accounts receivable are $230,000 at the beginning of the year and $280,000 at the end of the year. Calculate Blossom's accounts receivable turnover and average collection period for accounts receivable in days. (Round accounts receivable turnover to 2 decimal places, e.g. 52.75. and average collection period to 0 decimal places, e.g. 52. Use 365 days for calculation.) Accounts receivable turnover times Average collection period days At December 31, 2021, Pharoah Industries reports the following selected accounts from the unadjusted trial balance for its first year of operations: 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 O for the amounts.) Prepare the current assets section of the balance sheet for Pharoah Industries on December 31, 2021. (List Current Assets in order of liquidity. Enter account name only and do not provide descriptive information.) 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 times Average collection period days eTextbook and Media