FTUDICI OUZA S At December 31, 2021, Blossom Imports reported this information on its balance sheet. Accounts receivable Less: Allowance for doubtful accounts $503,000 36,000 ly During 2022, the company had the following transactions related to receivables. 1. Sales on account 2. Sales returns and allowances 3. Collections of accounts receivable 4. Write-offs of accounts receivable deemed uncollectible 5. Recovery of bad debts previously written off as uncollectible $2,320,000 50,000 2,020,000 40,000 21,000 Prepare the journal entries to record each of these five transactions. Assume that no cash discounts sold entries.) (Credit account titles are automatically indented when amount is entered. Do No. Account Titles and Explanation Debit Credit 1. 2. 3. 5 No. Account Titles and Explanation Debit Credit 1. 2. 3. (to reinstate account previously written of (to record collection of accounts receivable) ent Enter the January 1, 2022, balances in Accounts Receivable and entries in the order of journal entries posted in the previ Accounts Receivable Prepare the journal entry to record bad debt expense for 2022, assuming that aging the accounts receivable indicate titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit Compute the accounts receivable turnover. (Round answer to 1 decimal place, e.g. 12.4.) Accounts receivable turnover times Compute the average collection period. (Round answer to 1 decimal place, e.g. 12.4. Use 365 days for calculatic Average collection period days Click if you would like to Show Work for this question: Open Show Work