Ex 7 Beetle Company had accounts receivable of $100,000 on January 1, 20X2. The only transactions that affected accounts receivable during 20X2 were Credit Sales of $1,000,000 (all sales are on account), Cash collections on account of $920,000, and accounts written off of $40,000. a) Compute the ending balance in Accounts Receivable. (hint: Use a "T" account) b) Compute the Accounts Receivable Turnover Ratio for 20X2. c) Compute the Number of Days Sales in Receivables (Average Collection Period). Pr1 At December 31, 20X1, Lerger Company reported the following information on its Balance Sheet. Accounts Receivable $960,000 Less: Allowance for Uncollectible Accounts 80,000 Net Receivables S 880,000 During 20X2, the company had the following transactions related to receivables. 1. Sales on account (Summary Journal Entry) S 3,150,000 2. Collection of accounts receivable (Summary Journal Entry) S 2,810,000 3. Write-offs of accounts receivable deemed uncollectible (Summary) S 90,000 4, Recovery of bad debt previously written off as uncollectible (Sum.) S 24,000 a) Prepare the journal entries to record each of these four transaction. (Assume no discount were taken) b) Post these Summary Journal Entries to the A/R and Allowance "T" accounts and determine the ending balances in the 2 accounts. c) Prepare the journal entry to record bad debts expense for 20X2, assuming that an aging of receivables indicates that $115,000 of the accounts currently reported in Accounts Receivable will prove to be Bad Debts. d) Computer the A/R Turnover and the Number of Days Sales in Receivables for 20X2. d Date | AccountName | = Debit [ Credit | Accounts Receivable Allowance for Doubtful Accounts 1/1 960,000 80,000 1/1