* Question 5 At December 31, 2017, Pharoah Industries reports the following selected accounts from the unadjusted trial balance for its first year of operations: Account Accounts receivable Debit Credit $756,000 Accounts payable $378,000 Cash 43,200 Cost of goods sold 1,890,000 Interest receivable 1,215 Interest revenue 2,430 Merchandise inventory 351,000 Notes receivable, due April 10, 2018 48,600 Prepaid insurance Short-term investments 8,640 54,000 Sales 3,600,000 Sales returns and allowances Unearned revenue 108,000 27,000 Prepare the journal entry to record the bad debt expense on December 31, 2017, assuming the credit manager estimates that 4% of the accounts receivable will become uncollectible. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Date Account Titles and Explanation Dec. 31 Debit Credit Prepare the current assets section of the balance sheet for Pharoah Industries on December 31, 2017. (List Current Assets in order of liquidity. Enter account name only and do not provide descriptive information.) PHAROAH INDUSTRIES Balance Sheet (Partial) Assets Calculate the receivables turnover and collection period. (Remember that this is the end of the first year of business.) (Round answers to 1 decimal place, e.g. 52.7. Use 365 days for calculation.) Receivables turnover Average collection period times days