IS THIS CORRECT?

At December 31, 2021, Sandhill Imports reported this information on its balance sheet.

Accounts receivable		$537,000
Less: Allowance for doubtful accounts		29,000

During 2022, the company had the following transactions related to receivables.

1.		Sales on account		$2,470,000
2.		Sales returns and allowances		46,000
3.		Collections of accounts receivable		2,170,000
4.		Write-offs of accounts receivable deemed uncollectible		41,000
5.		Recovery of bad debts previously written off as uncollectible		22,000

Prepare the journal entry to record bad debt expense for 2022, assuming that aging the accounts receivable indicates that estimated bad debts are $46,000. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)

Account Titles and Explanation	Debit	Credit
enter an account title for the journal entry to record the bad debt expense for 2022	enter a debit amount	enter a credit amount
enter an account title for the journal entry to record the bad debt expense for 2022	enter a debit amount	enter a credit amount

List of Accounts

Compute the accounts receivable turnover. (Round answer to 1 decimal place, e.g. 12.4.)

Accounts receivable turnover

enter the accounts receivable turnover in times rounded to 1 decimal place

times

List of Accounts

Compute the average collection period. (Round answer to 1 decimal place, e.g. 12.4. Use 365 days for calculation.)

Average collection period

enter the average collection period in days rounded to 1 decimal place

days