Calculate the accounts receivable turnover and average collection period. Assume that average net accounts receivable were $325,000. (Use 365 days for calculation. Round average collection period to 1 decimal place, e.g. 15.1.)

Question 14 0.67/1 View Policies Show Attempt History Current Attempt in Progress During its first year of operations, Sandhill Company had credit sales of $3,900,000, of which $410,000 remained uncollected at year-end. The credit manager estimates that $23,400 of these receivables will become uncollectible. Your answer is correct. 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 Bad Debt Expense 23400 Allowance for Doubtful Accounts 23400 e Textbook and Media List of Accounts Your answer is correct. Prepare the current assets section of the balance sheet for Sandhill Company, assuming that in addition to the receivables it has cash of $91,000, merchandise inventory of $178,000, and supplies of $12,000. (List Current Assets in order of liquidity.) SANDHILL COMPANY Balance Sheet (Partial) Current Assets Cash 91000 Accounts Receivable 410000 Less Allowance for Doubtful Accounts 23400 386600 Inventory 178000 Supplies 12000 Total Current Assets 667600 e Textbook and Media List of Accounts * Your answer is incorrect. Calculate the accounts receivable turnover and average collection period. Assume that average net accounts receivable were $325,000. (Use 365 days for calculation. Round average collection period to 1 decimal place, e.g. 15.1.) Accounts receivable turnover 10 times Average collection period 36.5 days