*Problem 8-02A At December 31, 2021, Ivanhoe Imports reported this information on its balance sheet. Accounts receivable Less: Allowance for doubtful accounts 5650,000 40,000 During 2022, the company had the following transactions related to receivables. 1. 2. 3. 4. 5. Sales on account Sales returns and allowances Collections of accounts receivable Write-offs of accounts receivable deemed uncollectible Recovery of bad debts previously written off as uncollectible $2,880,000 56,000 2,580,000 43,000 15,000 Your answer is correct. Prepare the journal entries to record each of these five transactions. Assume that no cash discounts were taken on the collections of accounts receivable. (Omit cost of goods sold entries.) (Credit account titles are automatically indented when amount is entered. Do not indent manually.) No. Account Titles and Explanation Debit Credit 1. Accounts Receivable 2,850,000 Sales Revenue 12,880,000 2. Sales Returns and Allowances 156,000 Accounts Receivable $ 35,000 3. "tash 2,580,000 5 Accounts Receivable 72,580,000 4. Allowance for Doubtful Accounts 23,000 Accounts Receivable 3 123,000 5. Accounts Receivable 15,000 Allowance for Doubtful Accounts 5 15,000 (To reinstate account previously written off) 15,000 Accounts Receivable 15,000 (To record collection of accounts receivable) tash Your answer is correct. Enter the January 1, 2022, balances in Accounts Receivable and Allowance for Doubtful Accounts, post the entries to the two accounts and determine the balances. (Post entries in the order of journal entries posted in the previous part) Accounts Receivable Bal. 1650,000 2) 156,000 D 2,880,000 5 7,580,000 5 715,000 43,000 45 45,000 Bal. 351,000,- Allowance for Doubtful Accounts 13,000 Sa, 110,000 95 15,000 7 bal. 72,000 Your answer is correct. Prepare the journal entry to record bad debt expense for 2022, assuming that aging the accounts receivable indicates that estimated bad debts are $49,000. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit Bad Debt Expense 137,000 a Allowance for Doubtful Accounts 137,000 X Your answer is incorrect. Try again. Compute the accounts receivable tumover. (Round answer to 1 decimal place, e.g. 12.4.) Accounts receivable turnover TL 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 T days Question Attempts: Unlimited