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. 2. 3. 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 $2,350,000 55,000 2,050,000 45,000 14,000 4. 5. 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 Allowance for Doubtful Accounts a 45000 38500 7500 14000 52500 52500 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 Allowance for Doubtful Accounts 5000 Bad Debt Expense 5000 Compute the accounts receivable turnover. (Round answer to 1 decimal place, e.g. 12.4.) Accounts receivable turnover 3.544 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 104.3 days