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During its first year of operations, Carla Vista Retail had credit sales of R$ 3,500,000, of which R$ 400,000 remained uncollected at year-end. The credit

During its first year of operations, Carla Vista Retail had credit sales of R$ 3,500,000, of which R$ 400,000 remained uncollected at year-end. The credit manager estimates that R$ 21,000 of these receivables will become uncollectible.

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During its first year of operations, Carla Vista Retail had credit sales of R$ 3,500,000, of which R$ 400,000 remained uncollected at year-end. The credit manager estimates that R$ 21,000 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 Bad Debt Expense 21000 Allowance for Doubtful Accounts 21000 Prepare the current assets section of the statement of financial position for Carla Vista Retail, assuming that in addition to the receivables it has cash of R$ 95,000, merchandise inventory of R$ 172,000, and supplies of R$ 20,000. (List Current Assets in reverse order of liquidity.) CARLA VISTA COMPANY Balance Sheet (Partial) R$ R$ V: R$ Calculate the accounts receivable turnover and average collection period. Assume that average net accounts receivable were R$ 350,000. (Use 365 days for calculation. Round average collection period to 1 decimal place, e.g. 15.1.) Accounts receivable turnover times Average collection period days

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