Problem 8-02A At December 31, 2021, Blossom Imports reported this information on its balance sheet. Accounts receivable Less: Allowance for doubtful accounts $639,500 40,000 During 2022, the company had the following transactions related to receivables. 1. Sales on account 2. Sales returns and allowances 3. Collections of accounts receivable 4. Write-offs of accounts receivable deemed uncollectible 5. Recovery of bad debts previously written off as uncollectible $2,910,000 69,300 2,610,000 40,000 15,000 Your answer is partially correct. Try again. Prepare the journal entry to record bad debt expense for 2022, assuming that aging the accounts receivable indicates that estimated bad debts are $44,000. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit Bad Debt Expense Allowance for Doubtful Accounts x Your answer is incorrect. Try again. Compute the accounts receivable turnover. (Round answer to 1 decimal place, e.g. 12.4.) Accounts receivable turnover times x Your answer is incorrect. Try again. Compute the average collection period. (Round answer to 1 decimal place, e.g. 12.4. Use 365 days for calculation.) Average collection period days Click if you would like to Show Work for this question: Open Show Work