At December 31, 2011, Artie Kendall Imports reported the following information on its balance sheet.

Accounts receivable                                     $250,000
Less: Allowance for doubtful accounts            15,000

During 2012, the company had the following transactions related to receivables.
1. Sales on account                                                                                 $2,400,000
2. Sales returns and allowances                                                                     45,000

3. Collections of accounts receivable                                                       2,250,000
4. Write-offs of accounts receivable deemed uncollectible                           12,000
5. Recovery of bad debts previously written off as uncollectible                    3,000

Instructions
  (a) Prepare the journal entries to record each of these five transactions. Assume that no cash discounts were taken on the collections of accounts receivable.
  (b) Enter the January 1, 2012, balances in Accounts Receivable and Allowance for Doubtful Accounts. Post the entries to the two accounts (use T accounts), and determine the balances.
  (c) Prepare the journal entry to record bad debts expense for 2012, assuming that an aging of accounts receivable indicates that estimated bad debts are $22,000.
  (d) Compute the accounts receivable turnover ratio for the year 2012.