Current Attempt in Progress At December 31, 2021, Sheridan Imports reported this information on its balance sheet. Accounts receivable Less: Allowance for doubtful accounts $594,000 38,000 During 2022. the company had the following transactions related to receivables. 1. 2. 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 $2,590,000 55,000 2.290,000 45,000 15,000 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.) Debit Credit No. Account Titles and Explanation 1. 2. 3. 5. (To reinstate account previously written off) (To record collection of accounts receivable) e Textbook and Media List of Accounts 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 v Allowance for Doubtful Accounts > > > e Textbook and Media List of Accounts 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 e Textbook and Media List of Accounts Compute the accounts receivable turnover. (Round answer to 1 decimal place, es. 124) Accounts receivable turnover times eTextbook and Media List of Accounts Compute the average collection period. (Round answer to 1 decimal place, es. 124. Use 365 days for calculation.) Average collection period days e Textbook and Media List of Accounts