At December 31, 2021, Carla Vista imports

At December 31, 2021, Carla Vista Imports reported this information on its balance sheet. Accounts receivable Less: Allowance for doubtful accounts $514,000 38,000 During 2022, the company had the following transactions related to receivables. 1. 2. 3. 4. 5. 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 $2,470,000 55,000 2,170,000 40,000 15,000 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.) Debit Credit No. Account Titles and Explanation 1. Accounts Receivable 2470000 Sales Revenue 2470000 2. Accounts Receivable 55000 Sales Returns and Allowances 55000 3. Cash 2170000 Accounts Receivable 2170000 4. Allowance for Doubtful Accounts 40000 Accounts Receivable 40000 5. Accounts Receivable 15000 Allowance Doubtful Accounts 15000 (To reinstate account previously written off) Cash 15000 Accounts Receivable 15000 (To record collection of accounts receivable) Your answer is partially correct. Enter the January 1, 2022, 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 (1) 38000 (2) 13000 (2) 15000 Bal. V Bal. 53000 Your answer is partially correct. Prepare the journal entry to record bad debt expense for 2022, assuming that aging the accounts receivable indicates that estimated bad debts are $45,000. (Credit account titles are automatically indented when amount is entered. Do not indent manually) Account Titles and Explanation Debit Credit Bad Debt Expense 45000 Allowance for Doubtful Accounts 45000 e Textbook and Media List of Accounts X Your answer is incorrect. Compute the accounts receivable turnover. (Round answer to 1 decimal place, s. 124) Accounts receivable turnover 14 times e Textbook and Media List of Accounts X Your answer is incorrect. Compute the average collection period. (Round answer to 1 decimal place, s. 124. Use 365 days for calculation) Average collection period 18 days