At December 31, 2016, Flint Corporation Imports reported this information on its balance sheet.

Accounts receivable		$560,400
Less: Allowance for doubtful accounts		37,640

During 2017, the company had the following transactions related to receivables.

1.		Sales on account		$2,968,300
2.		Sales returns and allowances		92,202
3.		Collections of accounts receivable		2,518,800
4.		Write-offs of accounts receivable deemed uncollectible		43,310
5.		Recovery of bad debts previously written off as uncollectible		15,840

New attempt is in progress. Some of the new entries may impact the last attempt grading.Your answer is partially correct.

Prepare the journal entries to record each of these five transactions. Assume that no cash discounts were taken on the collections of accounts receivable. (Omit cost of goods sold entries.) (Credit account titles are automatically indented when amount is entered. Do not indent manually.)

No.	Account Titles and Explanation	Debit	Credit
1.
2.
3.
4.
5.
	(To reinstate account previously written off)

eTextbook and Media

List of Accounts

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Enter the January 1, 2017, balances in Accounts Receivable and Allowance for Doubtful Accounts, post the entries to the two accounts and determine the balances. (Post entries in the order of journal entries posted in the previous part)

Accounts Receivable
Bal.(1)(2)(3)(4)(5)		Bal.(1)(2)(3)(4)(5)
Bal.(1)(2)(3)(4)(5)		Bal.(1)(2)(3)(4)(5)
Bal.(1)(2)(3)(4)(5)		Bal.(1)(2)(3)(4)(5)
Bal.(1)(2)(3)(4)(5)		Bal.(1)(2)(3)(4)(5)
Bal.(1)(2)(3)(4)(5)		Bal.(1)(2)(3)(4)(5)
Allowance for Doubtful Accounts
Bal.(1)(2)(3)(4)(5)		Bal.(1)(2)(3)(4)(5)
Bal.(1)(2)(3)(4)(5)		Bal.(1)(2)(3)(4)(5)
Bal.(1)(2)(3)(4)(5)		Bal.(1)(2)(3)(4)(5)

eTextbook and Media

List of Accounts

New attempt is in progress. Some of the new entries may impact the last attempt grading.Your answer is partially correct.

Prepare the journal entry to record bad debt expense for 2017, assuming that aging the accounts receivable indicates that estimated bad debts are $59,428. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)

Account Titles and Explanation	Debit	Credit

eTextbook and Media

List of Accounts

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Compute the accounts receivable turnover. (Round answer to 1 decimal place, e.g. 12.5.)

Accounts receivable turnover

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times

eTextbook and Media

List of Accounts

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Compute the average collection period. (Round answer to 1 decimal place, e.g. 12.5.)

Average collection period

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days