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only D jeeds to be answered At December 31, 2021, Nash Co. reported the following information on its balance sheet. $950,000 Accounts receivable Less: Allowance
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At December 31, 2021, Nash Co. reported the following information on its balance sheet. $950,000 Accounts receivable Less: Allowance for doubtful accounts 78,000 During 2022, the company had the following transactions related to receivables. 1. $3,650,000 2. 48,000 3. Sales on account Sales returns and allowances Collections of accounts receivable Write-offs of accounts receivable deemed uncollectible Recovery of accounts previously written off as uncollectible 2,800,000 4. 88,000 5. 28,000 No Account Titles and Explanation Debit Credit 1 Accounts Receivable 3650000 Sales Revenue 3650000 2. Sales Returns and Allowances 48000 Accounts Receivable 48000 3. . Cash 2800000 Accounts Receivable 2800000 4. Allowance for Doubtful Accounts 88000 Accounts Receivable 88000 5. Accounts Receivable 28000 Allowance for Doubtful Accounts 28000 (To reverse account previously written off.) Cash 28000 Accounts Receivable 28000 Enter the January 1, 2022, balances in Accounts Receivable and Allowance for Doubtful Accounts, post the entries to the two accounts (use T-accounts), and determine the balances. (Post entries in the order of journal entries presented in the previous part.) Accounts Receivable Bal 950000 2 48000 1 3650000 3 2800000 5 28000 4 88000 > 5 28000 Bal. 1664000 Allowance for Doubtful Accounts 88000 Bal 78000 5 28000 Bal 18000 (c) Your answer is correct Prepare the journal entry to record bad debt expense for 2022, assuming that an aging of accounts receivable indicates that expected uncollectibles are $ 115,000. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit Bad Debt Expense 97000 97000 Allowance for Doubtful Accounts e Textbook and Media List of Accounts Attempts: unlimited (d) (d) Your answer is incorrect. Compute the accounts receivable turnover and average collection period for 2022. (Round accounts recelvable turnover to 2 decimal places, eg. 25.25 and average collection period to 1 decimal place, es 25.2.) Accounts receivable turnover ratio times Average collection period days Step by Step Solution
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