*Brief Exercise 8-11 a-c2 During its first year of operations, Larkspur, Inc. had credit sales of $2,907,000, of which $402,700 remained uncollected at year-end. The credit manager estimates that $16,200 of these receivables will become uncollectible. Prepare the journal entry to record the estimated uncollectibles. (Assume an unadjusted balance of zero in Allowance for Doubtful Accounts.) (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit Prepare the current assets section of the balance sheet for Larkspur, Inc., assuming that in addition to the receivables it has cash of $83,200, merchandise inventory of $175,000, and supplies of $12,600. (List Current Assets in order of liquidity) LARKSPUR, INC. Balance Sheet (partial) Calculate the accounts receivable turnover. Assume that average net accounts receivable were $285,000. (Round answer to 1 decimal place, e.g. 12.5.) Accounts receivable turnover times Calculate the average collection period. (Round answer to 1 decimal place, e.g. 12.5. Use 365 days for calculation.) Average collection period days