During 2014, the company had the following transactions related to receivables. Sales on account $2, 500,000 Sales returns and allowances 50,000 Collections of accounts receivable 2, 200,000 Write-offs of accounts receivable deemed uncollectible 41,000 5. Recovery of bad debts previously written off as uncollectible 15,000 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.) Enter the January 1. 2014, balances in Accounts Receivable and Allowance for Doubt- (b) A/R b post the entries to the two accounts (use T-accounts), and determine the balances. Prepare the journal entry to record bad debt expense for 2014, assuming that aging the accounts receivable indicates that estimated bad debts are $46,000. Compute the receivable turnover and average collection period