6 HW-Ch08 Question 21 of 21 Y. Current Attempt in Progress At December 31, 2019, Monty Corp. reported the following information on its balance sheet. Accounts receivable Less: Allowance for doubtful accounts $954,000 74,000 During 2020, the company had the following transactions related to receivables. 1. 2. 3. Sales on account Sales returns and allowances Collections of accounts receivable Write-offs of accounts receivable deemed uncollectible Recovery of bad debts previously written off as uncollectible $3,947,600 54,000 2,858,000 88,000 29,000 5. Your answer is correct. Question 21 of 21 1.25/5 Enter the January 1, 2020, balances in Accounts Receivable and Allowance for Doubtful Accounts, post the entries to the two accounts (use T-accounts), and determine the balances. (Post entries in the order of journal entries presented in the previous part.) Accounts Receivable Allowance for Doubtful Accounts eTextbook and Media Prepare the journal entry to record bad debt expense for 2020, assuming that an aging of accounts receivable indicates that expected bad debts are $269,600. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit e Textbook and Media List of Accounts Compute the accounts receivable turnover for 2020, assuming the expected bad debt information provided in (c). (Round answer to 2 decimal places, e.g. 25.25.) Accounts receivable turnover ratio times