At December 31, 2021, Metlock Co. reported the following information on its balance sheet.

Account receivable $963,200

Less: Allowance for doubtful accounts $81,000

During 2022 the company had the following transactions related to receivables.

1. Sales on account $3,710,100

2. Sales returns and allowances 51,000

3. Collections of accounts receivable 2,816,400

4. Write-offs of accounts receivable deemed uncollectible 91,400

5. Recovery of accounts previously written off as uncollectible 28,000

-PREPARE THE JOURNAL ENTRIES

-ENTER THE JANUARY 1 2022 BALANCES IN ACCOUNTS RECEIVABLE AND IN DOUBTFUL ACCOUNTS

-PREPARE THE JOURNAL ENTRY TO RECORD BAD DEBT EXPENSE

COMPUTE THE ACCOUNTS RECEIVABLE TURNOVER AND AVERAGE COLLECTION PERIOD FOR 2022

At December 31, 2021, Metlock Co. reported the following information on its balance sheet. Accounts receivable $963,200 Less: Allowance for doubtful accounts 81,000 During 2022, the company had the following transactions related to receivables. 1. Sales on account $3,710,100 2. Sales returns and allowances 51,500 Collections of accounts receivable 2,816,400 Write-offs of accounts receivable deemed uncollectible 91,400 Recovery of accounts previously written off as uncollectible 28,000 3. 4. 5. 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 reverse account previously written off.) (To record the collection of accounts receivable.) accounts (use T-accounts), and determine the balances. (Post entries in the order of journal entries presented in the previous part.) Accounts Receivable Allowance for Doubtful Accounts Question 2 of 6 -/54 Prepare the journal entry to record bad debt expense for 2022, assuming that an aging of accounts receivable indicates that expected uncollectibles are $115,000. (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 and average collection period for 2022. (Round accounts receivable turnover to 2 decimal places, e.g. 25.25 and average collection period to 1 decimal place, e.g. 25.2.) Accounts receivable turnover ratio times Average collection period days