At December 31, 2016, Ivanhoe Company Imports reported this information on its balance sheet. Accounts receivable Less: Allowance for doubtful accounts $655,700 35,770 During 2017, the company had the following transactions related to receivables. 1. Sales on account 2. Sales returns and allowances 3. Collections of accounts receivable 4. Write-offs of accounts receivable deemed uncollectible 5 Recovery of bad debts previously written off as uncollectible $2,973,300 72,900 2,622,800 44,090 15,790 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) 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 Allowance for Doubtful Accounts Prepare the journal entry to record bad debt expense for 2017, assuming that aging the accounts receivable indicates that estimated bad debts are $58,940. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit Compute the accounts receivable turnover. (Round answer to 1 decimal place, e.g. 12.4 Accounts receivable turnover times Compute the average collection period. (Round answer to 1 decimal place, e.g. 12.4.) Average collection period days