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BE8-10 During its first year of operations, Fertig Company had credit sales of $3,000,000, Pre of which $400,000 remained uncollected at year-end. The credit manager estimates that (a) Prepare the journal entry to record the estimated uncollectibles. (Assume an unad- (b) Prepare the current assets section of the balance sheet for Fertig Company, assuming unc $18,000 of these receivables will become uncollectible. (LO justed balance of zero in Allowance for Doubtful Accounts.) that in addition to the receivables it has cash of $90,000, merchandise inventory of 9 $180,000, and supplies of $13,000. (c) Calculate the accounts receivable turnover and average collection period. Assume that average net accounts receivable were $300,000. Explain what these measures tell us