During its first year of operations, Ivanhoe Retail had credit sales of $R$$$3,200,000,$ of which $R$$$490,000$ remained uncollected at year$-$

end. The credit manager estimates that $R$$$19,200$ 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 statement of financial position for Ivanhoe Retail, assuming that in addition to the

receivables it has cash of $R$$$93,000,$ merchandise inventory of $R$$$172,000,$ and supplies of $R$$$18,000.($List Current Assets in reverse

order of liquidity.$)$

IVANHOE COMPANY

Balance Sheet $($Partial$)$

R$

Calculate the accounts receivable turnover and average collection period. Assume that average net accounts receivable were

$R$$$200,000.($Use $365$ days for calculation. Round average collection period to $1$ decimal place, es$.15\mathrm{.}1.)$