1. The December 31, 2020 balance sheet of Barone Company had Accounts Receivable of $400,000 and a credit balance in Allowance for Doubtful Accounts of $32,000. During 2021, the following transactions occurred: Sales on account $1,500,000 Sales returns and allowances, $50,000 Collections from customers, $1,250,000 Accounts written off $36,000 Previously written off accounts of $6,000 were collected (a) Record the 2021 transactions. Disregard any impact on inventory. (5 points) Debit Credit Date Account Titles (b) Using the information from page 1, including the beginning balances at the top of the page, compute the December 31, 2021 balances in: (1 point) Accounts Receivable Allowance for Doubtful Accounts (c) If the company uses the percentage of receivables basis to estimate bad debt expense and determines that uncollectible accounts are expected to be 8% of accounts receivable, what is the adjusting entry on December 31, 2021? Use the T accounts above to assist with the analysis. (2 points) Debit Credit Date Account Titles 2. Renfro Company had accounts receivable of $100,000 on January 1, 2021. The only transactions that affected accounts receivable during 2021 were net credit sales of $1,200,000, cash collections of $1,000,000, and accounts written off of $30,000. (2 points) (a) Compute the ending balance of accounts receivable (b) Compute the accounts receivable turnover for 2021 (c) Compute the average collection period in days