At December 31, 2021, Kingbird, Inc. reported this information on its balance sheet. Accounts receivable Less: Allowance for doubtful accounts During 2022, the company had the following transactions related to receivables. 1. 2. 3. 4. 5. (a) Sales on account Sales returns and allowances $514,000 38,000 Collections of accounts receivable Write-offs of accounts receivable deemed uncollectible Recovery of accounts previously written off as uncollectible Your answer is correct. $2,470,000 55,000 2,170,000 40,000 15,000 Prepare the journal entries to record each of these five transactions. Assume that no cash discounts were taken on the coll at of goods sold entries Credit account titles are automatically

At December 31, 2021, Kingbird, Inc, reported this information on its balance sheet. During 2022, the company had the following transactions related to receivables. No Account Titles and Explanation Debit Credit 1. Accounts Receivable 2470000 Sales Revenue 2470000 2. Sales Returns and Allowances 55000 Accounts Receivable 55000 3. Cast 2170000 Accounts Receivable 2270000 4. Alowance for Doubtul Accounts 40000 Nocounts Receivable 40000 5. Mccounts Receivabie 15000 Mlawance for Dontifur nccaints Torevelsesccont provousty writtenoff. cain 15000 Mccolints Recciliviple 15000 Gorecord the collection of pccounts receivable) Enter the January 1,2022, balances in Accounts Receivable and Allowance for Doubtful Accounts, post the entries to the two accounts (use T-accounts), and determine the balances. (Post entries in the order of foumal entries presented in the previous part) Prepare the journal entry to record bad debt expense for 2022, assuming that aging the accounts receivable indicates that estimated uncollectibles are \$45,000. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry' for the account titles and enter O for the amounts.) Compute the accounts receivable turnover and average collection period, assuming the expected uncollectibles information provided in (c). (Round answers to 1 decimal place, eg. 25.2. Use 365 days for colculation) Accounts receivable turnover times Average collection period days