At December 31, 2021, Sandhill Imports reported this information on its balance sheet.

At December 31, 2021, Sandhill Imports reported this information on its balance sheet. Accounts receivable Less: Allowance for doubtful accounts $518,000 38,500 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 $2,350,000 55,000 2,050,000 45,000 14,000 Prepare the journal entry to record bad debt expense for 2022, assuming that aging the accounts receivable indicates that estimated bad debts are $50,000. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit Bad Debt Expense 50000 Allowance for Doubtful Accounts 50000 Compute the accounts receivable turnover. (Round answer to 1 decimal place, e.g. 12.4.) Accounts receivable turnover 3.7 times e Textbook and Media List of Accounts X Your answer is incorrect. Compute the average collection period. (Round answer to 1 decimal place, e.g. 12.4. Use 365 days for calculation.) Average collection period 98.6 days