Prepare journal entries related P9-1A At December 31, 2016, House Co. reported the following information on its balance o bad debt expense. TL01, 2, 4) Accounts receivable $960,000 sheet. Less: Allowance for doubtful accounts 80,000 During 2017, the company had the following transactions related to receivables. 1. Sales on account $3,700,000 2. Sales returns and allowances 50,000 3. Collections of accounts receivable 2,810,000 4. Write-offs of accounts receivable deemed uncollectible 90,000 5. Recovery of bad debts previously written off as uncollectible 29,000 b) Accounts receivable 51,710,000 ADA 519,000 c) Bad debt expense 596,000 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) Enter the January 1, 2017, balances in Accounts Receivable and Allowance for Doubtful Accounts, post the entries to the two accounts (use T-accounts), and determine the balances. (c) Prepare the journal entry to record bad debt expense for 2017, assuming that an aging 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. P9-2A Information related to Mingenback Company for 2017 is summarized below. Total credit sales $2,500,000 Accounts receivable at December 31 875,000 Bad debts written off 33,000