Problem 8-02A At December 31, 2021, Oriole Imports reported this information on its balance sheet. Accounts receivable $612,000 Less: Allowance for doubtful accounts 37,500 During 2022, the company had the following transactions related to receivables. 1. Sales on account $2,740,000 2. Sales returns and allowances 55,000 3. Collections of accounts receivable 2.440,000 4. Write-offs of accounts receivable deemed uncollectible 42,000 Recovery of bad debts previously written off as uncollectible 21,000 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 tities are automatically indented when amount is entered. Do not indent manually.) No. Account Titles and Explanation Credit Debit 1. 2. 3. 5. (To reinstate account previously written of (To record collection of accounts receivable) 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 . 1 + . Allowance for Doubtful Accounts + . Prepare the journal entry to record bad debt expense for 2022, assuming that aging the accounts receivable indicates that estimated bad debts are $47,000. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit Compute the accounts receivable turnover. (Round answer to 1 decimal place, c.9. 12.4.) Accounts receivable turnover times Compute the average collection period. (Round answer to 1 decimal place, 6.9. 12.4. Use 365 days for calculation.) Average collection period Click If you would like to show Work for this question: Geen Show Work days