FIX THE NUMBERS IN PART (D)

At December 31, 2021, Metlock, Inc. reported this information on its balance sheet. Accounts receivable $573,000 Less: Allowance for doubtful accounts 37,000 During 2022, the company had the following transactions related to receivables. 1. Sales on account $2,396,000 2. Sales returns and allowances 47,000 3. Collections of accounts receivable 2,313,000 4. Write-offs of accounts receivable deemed uncollectible 38,000 5. Recovery of bad debts previously written off as uncollectible 16,000 Prepare thejournal entries to record each of these ve transactions. Assume that no cash discounts were taken on the collections of accounts receivable. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) No Account Titles and Explanation Debit Credit 1. Accounts Receivable 2396000 Sales Revenue 2396000 2. Sales Returns and Allowances 47000 Accounts Receivable 47000 3. Cash 2313000 Accounts Receivable 2313000 4. Allowance for Doubtful Accounts 38000 Accounts Receivable 38000 5. Accounts Receivable 16000 Allowance for Doubtful Accounts 16000 (To reverse account previously written off.) Cash 16000 Accounts Receivable 16000 (To record the collection of accounts receivable.) Enter the January 1, 2022, balances in Accounts Receivable and Allowance for Doubtful Accounts, post the entries to the two accounts (use T-accounts), and determine the balances. (Post entries in the order of journal entries presented in the previous part.) Accounts Receivable Bal. 573000 (2) v 47000 (1) V 2396000 (3) 2313000 (5) V 16000 (4) V 38000 (5) 16000 Bal. V 571000 Allowance for Doubtful Accounts (4) V 38000 Bal. V 37000 (5) 16000 Bal. V 15000V Your answer is correct. Prepare thejournal entry to record bad debt expense for 2022, assuming that aging the accounts receivable indicates that estimated bad debts are $47,000. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Bad Debt Expense 32000 Allowance for Doubtful Accounts 32000 eTextbook and Media Assistance Used List of Accounts (d) X Your answer is incorrect. Compute the accounts receivable turnover and average collection period, assuming the expected bad debt information provided in (c). (Round answers to 1 decimal place, e.g. 25.2.) Accounts receivable turnover 4.1 times Average collection period 89 days