I need help with P8-2A. can you explain how you get answers?

PROBLEMS: SETA Prepare journal entries related P8-1A At December 31, 2016, House Co. reported the following information on its balance to bad debt expense sheet. Accounts receivable Less: Allowance for doubtful accounts $960,000 80,000 (LO 1, 2, 4) During 2017, 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 $3,700,000 50,000 2,810,000 90,000 29,000 Instructions (a) Prepare the journal entries to record each of these five transactions. Assume that no cash discounts were taken on the collections of accounts receivable (b) Accounts receivable (b) Enter the January 1, 2017, balances in Accounts Receivable and Allowance for Doubt- unts, post the entries to the two accounts (use T-accounts), and determine the (c) Prepare the journal entry to record bad debt expense for 2017, assuming that an aging S1,710,000 ADA $19,000 (o) Bad debt expense $96,000 (e) Prepare the journal entry to record bad debt expense for 20 debt expense $96,000 of accounts receivable indicates that expected bad debts are $115,000. (d) Compute the accounts receivable turnover for 2017, assuming the expected bad debt information provided in (c). Compute bad debt amounts. (LO 2) P8-2A Information related to Mingenback Company for 2017 is summarized below. Total credit sales Accounts receivable at December 31 Bad debts written off $2,500,000 875,000 33,000 3 Instructions (a) What amount of bad debt expense will Mingenback Company report if it uses the direct write-off method of accounting for bad debts? Problems: Set A 387 (b) Assume that Mingenback Company estimates its bad debt expense to be 2% of credit for Doubtful Accounts credit balance of $4,000? (c) Assume that Mingenback Compan sales. What amount of bad debt expense will Mingenback record if it has an Allowance y estimates its bad debt expense based on 6% of accounts receivable. What amount of bad debt expense will Mingenback record if it (d) Assume the same facts as in (c), except that there is a $3,000 debit balance in Allowance What is the weakness of the direct write-off method of reporting bad debt has an Allowance for Doubtful Accounts credit balance of $3,000? for Doubtful Accounts. What amou expense? nt of bad debt expense will Minge nback record