151 Problem 21 beginning balance in Accounts Receivable was $200,000 and her beginning credit balance in Sally sold $3,000,000 worth of stuff during the year (all on account). Her receivables, and wrote off $9,000. She estimates that 4% of her receivables at any one time will Allowance for Doubtful Accounts was $6,000. During the year she collected $2,800,000 on her not be collectable. Prepare all journal entries for the year related to the receivables (including any year end adjustment). Problem 3 What is Sally's average collection period? Problem 4 At December 31, 2020 Laurel Co.'s balance in Accounts Receivable was $200,000 and the balance in Allowance for Doubtful Accounts was $4,000. During 2021 the company had credit sales of $1,000,000. She collected $850,000 on her accounts receivable during 2021. Laurel wrote off $3,000 of accounts receivable during 2021. Laurel estimates that 2% of the receivables will never be collected. Prepare all journal entries and T-Accounts for 2021 related to the receivables, including any year-end adjustment. Show how this information will appear on the financial statements and calculate the accounts receivable turn and the average collection period