*Problem 8-2A balance sheet. At December 31, 2016, Suisse Imports reported this information on Accounts receivable $600.000 Less: Allowance for doubtful accounts 37.000 During 2017, the company had the following transactions related to receivables. Sales on account 1 $2,500,000 allowances Collections of accounts receivable 2,200,000 4 Write-offs of accounts receivable deemed uncollectible 41,000 5 Recovery of bad debts previously written off uncollectible 15,000 Prepare the journal entries to record each of these five transactions. Assume that no cash discounts were taken on the collections accounts receivable. (Omit cost of goods sold entries.) (Credit account titles are No. Account Titles and Explanation Credit Debit 1. 3 5 (To reinstate account previously written off) Enter the January 1, 2017, 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 Allowance for Doubtful Accounts Prepare the journal entry to record bad debt expense for 2017, assuming that aging the accounts receivable indicates that estimated bad debts are $46,000. (Credit account titles are automatically indented when amount is entered, Do not indent manually.) Debit Credit Account Titles and Explanation Compute the accounts receivable turnover. (Round answer to 1 decimal place, e.g. 12.4.) Accounts receivable turnover times Compute the average collection period. (Round answer to 1 decimal place, e.g. 12.4.) Average collection period days Question Attempts: Unlimited