Jayco Inc, started its operations in 2016. Its sales, all on account, totalled $700,000. The company collected $500,000 in cash from customers during the year and wrote off $8,000 in uncollectible accounts. The company set up an allowance for doubtful accounts at December 31,2016 , its fiscal year end, and determined the account balance to be $14,000. The unadjusted balances of selected accounts at December 31, 2017, are as follows: Aging of the accounts receivable on December 31,2017 , resulted in an estimate of $11,000 in potentially uncollectible accounts. Aging of the accounts receivable on December 31, 2017, resulted in an estimate of $11,000 in potentially uncollectible accounts. Required: 1. Prepare the joumal entries to record all the transactions during 2016 and post them to appropriate T-accounts. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Alowance for doubttul accounts 22,000 2. Prepare the journal entries to record all the transactions during 2017 and post them to appropriate T-accounts. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) 3. Compute the recelvables turnover ratio and the average collection period for 2017. (Use 365 days a year. Round "Receivables turnover" to 2 decimal places and other answer to nearest whole number.)