On 31 January 2021, an Accounts Receivable for $1,200 from a prior year was determined to be uncollectible and was written off. Prepare an appropriate journal entry in proper form for the transaction. (2 marks) Net Accounts Receivable reported on 31 December 2019 was $120,000. Net sales for the year 2020 was $960,000. An industry leader, Dunder Mifflin Paper Company, has an average collection period of 16 days. Compute and evaluate the average collection period of MSPC.