At December $31,2024,$ Crane Industries reports the following selected accounts from the unadjusted trial balance for its first year of operations:

Your answer is correct.

Prepare the journal entry to record the bad debt expense on December $31,2024,$ assuming the credit manager estimates that $\backslash (4\backslash \%\backslash )$ 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. List debit entry before credit entry.$)$

Date Account Titles

Debit

Credit

Dec. $31$

Bad Debt Expense

$27440$

Allowance for Doubtful Accounts Prepare the current assets section of the balance sheet for Crane Industries on December $31,2024.($List Current Assets in order of liquidity. Enter account name only and do not provide descriptive information.$)$

CRANE INDUSTRIES

Balance Sheet $($Partial$)$

December $31,2024$

Assets

Accounts Receivable

$\backslash$$

Allowance for Doubtful Accounts

Interest Receivable Short$-$Term Investments

Accounts Receivable

Allowance for Doubtful Accounts

Interest Receivable

Notes Receivable

Merchandise Inventory

Prepaid Insurance

Total Current 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$.52\mathrm{.}7.$ Use $365$ days for calculation.$)$

Receivables turnover

times

Collection period

days