The correct journal entry is not

Debit...Bad Debt Expense.......$30240

Credit...Allowance for doubtful accounts....$30240

At December 31, 2017, Pharoah Industries reports the following selected accounts from the unadjusted trial balance for its first year of operations: Credit Debit $756,000 $378,000 43,200 1,890,000 1,215 2,430 Account Accounts receivable Accounts payable Cash Cost of goods sold Interest receivable Interest revenue Merchandise inventory Notes receivable, due April 10, 2018 Prepaid insurance Short-term investments Sales Sales returns and allowances Unearned revenue 351,000 48,600 8,640 54,000 3,600,000 108,000 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 o for the amounts.) Date Account Titles and Explanation Debit Credit Dec. 31 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.)