At December 31, 2021, Cullumber Imports reported this information on its balance sheet. Accounts receivable Less: Allowance for doubtful accounts $640,000 41,000 During 2022, 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 $3,060,000 50,000 2,760,000 42,000 20,000 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.) No. Account Titles and Explanation Debit Credit 1. 3. (To reinstate account previously written off) (To record collection of accounts receivable) 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.( Accounts Receivable Allowance for Doubtful Accounts e Textbook and Media List of Accounts Prepare the journal entry to record bad debt expense for 2022, assuming that aging the accounts receivable indicates that estimated bad debts are $47,000. (Credit a Account Titles and Explanation Debit Credit e Textbook and Media List of Accounts Compute the accounts receivable turnover. (Round answer to 1 decimal place, e.g. 12.4.) Accounts receivable turnover times e Textbook and Media List of Accounts Compute the average collection period. (Round answer to 1 decimal place, e.g. 12.4. Use 365 days for calculation.) Average collection period days At December 31, 2021, Cullumber Imports reported this information on its balance sheet. Accounts receivable Less: Allowance for doubtful accounts $640,000 41,000 During 2022, 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 $3,060,000 50,000 2,760,000 42,000 20,000 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.) No. Account Titles and Explanation Debit Credit 1. 3. (To reinstate account previously written off) (To record collection of accounts receivable) 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.( Accounts Receivable Allowance for Doubtful Accounts e Textbook and Media List of Accounts Prepare the journal entry to record bad debt expense for 2022, assuming that aging the accounts receivable indicates that estimated bad debts are $47,000. (Credit a Account Titles and Explanation Debit Credit e Textbook and Media List of Accounts Compute the accounts receivable turnover. (Round answer to 1 decimal place, e.g. 12.4.) Accounts receivable turnover times e Textbook and Media List of Accounts Compute the average collection period. (Round answer to 1 decimal place, e.g. 12.4. Use 365 days for calculation.) Average collection period days
