At December 31, 2016, Martinez Corp. Imports reported this information on its balance sheet.

Accounts receivable $627,200 Less: Allowance for doubtful accounts 37,300

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

1. Sales on account $2,936,400 2. Sales returns and allowances 94,480 3. Collections of accounts receivable 2,528,500 4. Write-offs of accounts receivable deemed uncollectible 41,620 5. Recovery of bad debts previously written off as uncollectible 16,440

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. enter an account title to record the first transaction enter a debit amount enter a credit amount enter an account title to record the first transaction enter a debit amount enter a credit amount 2. enter an account title to record the second transaction enter a debit amount enter a credit amount enter an account title to record the second transaction enter a debit amount enter a credit amount 3. enter an account title to record the third transaction enter a debit amount enter a credit amount enter an account title to record the third transaction enter a debit amount enter a credit amount 4. enter an account title to record the fourth transaction enter a debit amount enter a credit amount enter an account title to record the fourth transaction enter a debit amount enter a credit amount 5. enter an account title to record the fifth transaction to reinstate account previously written off enter a debit amount enter a credit amount enter an account title to record the fifth transaction to reinstate account previously written off enter a debit amount enter a credit amount (To reinstate account previously written off) enter an account title to record the fifth transaction enter a debit amount enter a credit amount enter an account title to record the fifth transaction enter a debit amount enter a credit amount

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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 choose a transaction date enter a debit amount choose a transaction date enter a credit amount choose a transaction date enter a debit amount choose a transaction date enter a credit amount choose a transaction date enter a debit amount choose a transaction date enter a credit amount choose a transaction date enter a debit amount choose a transaction date enter a credit amount choose the end date of the accounting period enter a debit balance choose the end date of the accounting period enter a credit balance Allowance for Doubtful Accounts choose a transaction date enter a debit amount choose a transaction date enter a credit amount choose a transaction date enter a debit amount choose a transaction date enter a credit amount choose the end date of the accounting period enter a debit balance choose the end date of the accounting period enter a credit balance

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Prepare the journal entry to record bad debt expense for 2017, assuming that aging the accounts receivable indicates that estimated bad debts are $67,940. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)

Account Titles and Explanation Debit Credit enter an account title for the journal entry to record the bad debt expense for 2017 enter a debit amount enter a credit amount enter an account title for the journal entry to record the bad debt expense for 2017 enter a debit amount enter a credit amount

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Compute the accounts receivable turnover. (Round answer to 1 decimal place, e.g. 12.4.)

Accounts receivable turnover enter the accounts receivable turnover in times rounded to 1 decimal place times

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Compute the average collection period. (Round answer to 1 decimal place, e.g. 12.4.)

Average collection period enter the average collection period in days rounded to 1 decimal place days Click if you would like to Show Work for this question: Open Show Work