Current Attempt in Progress The president of Swifty Corporation asks if you could indicate the impact certain transactions have on the following ratios. Complete the table, indicating whether each transaction will increase, decrease, or have no effect on the specific ratios provided for Swifty Corporation. Transaction Current Ratio (2:1) Accounts Receivable Turnover (10%) Average Collection Period (36.5 days) 1. Received $7,400 on cash sale. The cost of the goods sold was $3,848 No Effect 2. Recorded bad debt expense of $740 using allowance method. 3. Wrote off a $148 account receivable as uncollectible (Uses allowance method.) 4. Recorded $3,700 sales on account. The cost of the goods sold was $2,220