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At December 31, 2021, Ivanhoe Industries reports the following selected accounts from the unadjusted trial balance for its first year of operations: Credit Debit $560,000

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At December 31, 2021, Ivanhoe Industries reports the following selected accounts from the unadjusted trial balance for its first year of operations: Credit Debit $560,000 $280,000 32,000 1.400,000 900 1.800 Account Accounts receivable Accounts payable Cash Cost of goods sold Interest receivable Interest revenue Merchandise inventory Notes receivable, due April 10, 2022 Prepaid insurance Refund liability Short-terminvestments Sales Sales returns and allowances Unearned revenue 260,000 36,000 6,400 65,000 40.000 4,896,000 80,000 20.000 Prepare the journal entry to record the bad debt expense on December 31, 2021, 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 for the amounts.) Date Account Titles and Explanation Dec. 31 Debit Credit (To record estimate of uncollectible accounts IVANHOE 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 piacres 527. Use 365 days for calculation) Receivables turnover times Average collection period day e Tectbook and Media Ust of Accounts

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