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During its first year of operations, Larkspur, Inc. had credit sales of $3,780,000, of which $412,900 remained uncollected at year-end. The credit manager estimates that

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During its first year of operations, Larkspur, Inc. had credit sales of $3,780,000, of which $412,900 remained uncollected at year-end. The credit manager estimates that $17,800 of these receivables will become uncollectible. (a) 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.) Calculate the accounts receivable turnover. Assume that average net accounts receivable were $300,000. (Round answer to 1 decimal place, eg. 12.5.) Accounts receivable turnover times eTextbook and Media List of Accounts Attempts: 0 of 3 used

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