At December 31, 2021. Wildhorse Imports reported this information on its balance sheet. Accounts receivable Less: Allowance for doubtful accounts $616,000 39.000 During 2022, the company had the following transactions related to receivables. HN 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 $2.830.000 42,000 2,530,000 43,000 17.000 Your answer is correct. 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 Accounts Receivable 2830000 Sales Revenue 2830000 1. 2 Sales Returns and Allowances 42000 Accounts Recevable 42000 3. Cash 2530000 Accounts Recevable 2530000 4 Allowance for Doubtful Accounts 43000 Accounts Recevable 43000 5. Accounts Receivable 17000 17000 Allowance for Doubtful Accounts (To reinstate account previously written off) Cash 17000 Accounts Recevable 17000 (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. (Post entries in the order of journal entries posted in the previous part) Accounts Receivable (1) 2830000 (2) 42000 (5) 17000 (3) 2530000 43000 Ball 232000 Allowance for Doubtful Accounts 43000 5 17000 Ball 26000 eTextbook and Media List of Accounts X Your answer is incorrect. Prepare the journal entry to record bad debt expense for 2022, assuming that aging the accounts receivable indicates that estimated bad debts are $48.000. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit e Textbook and Media List of Accounts X Your answer is incorrect. Compute the accounts receivable turnover. (Round answer to 1 decimal place, eg. 12.4.) Accounts receivable turnover times eTextbook and Media List of Accounts X Your answer is incorrect. Compute the average collection period (Round answer to 1 decimal place, eg. 12.4. Use 365 days for calculation.) Average collection period days e Textbook and Media List of Accounts