How to calculate question (d) please

At December 31, 2017, Pukalani Imports Inc. reported this information on its balance sheet.

Accounts receivable		$645,000
Less: Allowance for doubtful accounts		42,000

During 2018, the company had the following summary transactions related to receivables and sales. Pukalani uses the perpetual inventory system.

1.		Sales on account amounted to $2,463,000. The cost of the inventory sold was $1,921,140.
2.		Sales returns and allowances with a total sales price of $39,000 and a cost of $30,420 were restored to inventory.
3.		Collections of accounts receivable were $2,174,000.
4.		Write-offs of accounts receivable deemed uncollectible, $47,200.
5.		Recovery of bad debts previously written off as uncollectible, $14,500.

Incorrect answer iconYour answer is incorrect.

Calculate the receivables turnover ratio and average collection period. (Round receivables turnover to 1 decimal place, e.g. 5.2. Round average collection period to nearest whole day, e.g. 15.)

(d) * Your answer is incorrect. Calculate the receivables turnover ratio and average collection period. (Round receivables turnover to 1 decimal place, eg. 5.2. Round average collection period to nearest whole day, eg, 15.) Receivables turnover ratio 3.5 times Average collection period 104 days Question 2 View Policies Show Attempt History Current Attempt in Progress At December 31, 2017, Pukalani Imports Inc. reported this information on its balance sheet. Accounts receivable Less: Allowance for doubtful accounts $645,000 42,000 During 2018, the company had the following summary transactions related to receivables and sales. Pukalani uses the perpetual inventory system. 1. Sales on account amounted to $2,463,000. The cost of the inventory sold was $1,921,140. 2. Sales returns and allowances with a total sales price of $39,000 and a cost of $30,420 were restored to inventory. 3. Collections of accounts receivable were $2,174,000. 4. Write-offs of accounts receivable deemed uncollectible, $47,200. 5. Recovery of bad debts previously written off as uncollectible, $14,500. Your answer is correct. Prepare the journal entries to record each of these five transactions. Assume that no cash discounts were taken on the collections of accounts receivable. account titles and enter for the amounts.) Credit Debit 2463000 2463000 1921140 1921140 39000 39000 30420 30420 No. Account Titles and Explanation 1. Accounts Receivable Sales (To record sales) Cost of Goods Sold Inventory (To record cost of the merchandise sold) 2. Sales Returns and Allowances Accounts Receivable (To record sales returns and allowances) Inventory Cost of Goods Sold (To record cost of sales on sales returns) 3. Cash Accounts Receivable 4. Allowance for Doubtful Accoul Accounts Receivable 5. Accounts Receivable Allowance for Doubtful Accou (To reverse write-off of account receivable) Cash Accounts Receivable (To record recovery of uncollectible amount) 2174000 2174000 47200 47200 14500 14500 14500 14500 (b) Your answer is correct. Enter the January 1, 2018, balances in Accounts Receivable and Allowance for Doubtful Account D.D. 11 Accounts Receivable 645000 2463000 14500 141 39000 2174000 47200 14500 IA IPS renal v 847800 Allowance for Doubtful Accounts 47200 DA DI 151 42000 14500 9300 End Ral v (c) Your answer is correct. Prepare the journal entry to record bad debts expense for 2018, assuming that aging the accounts receivable indicates that estimated uncollectible accounts receivable are $46,900. required, select "No Entry" for the account titles and enter for the amounts.) Debit Credit Account Titles and Explanation Bad Debts Expense Allowance for Doubtful Accou 37600 37600