Compute the average collection period. (Round answer to 1 decimal place.es. 124. Use 365 days for calculation) Average collection period 37 days At December 31, 2021. Sheridan Imports reported this information on its balance sheet. Accounts receivable $600,000 Less: Allowance for doubtful accounts 37.000 During 2022, the company had the following transactions related to receivables. 1. Sales on account $2,500,000 2. Sales returns and allowances 50,000 3. Collections of accounts receivable 2.200.000 4. 41.000 Write-offs of accounts receivable deemed uncollectible Recovery of bad debts previously written off as uncollectible 5. 15,000