signment - Reporting and Analyzing Receivables Question 1 of 2 - / 30 View Policies Current Attempt in Progress At December 31, 2021, Sandhill Imports reported this information on its balance sheet. Accounts receivable $537,000 Less: Allowance for doubtful accounts 29,000 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 $2,470,000 46,000 2.170,000 41,000 22,000 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 titles are automatically indented when amount is entered. Do not indent manually.) No. Account Titles and Explanation Debit Credit 1. enment - Reporting and Analyzing Receivables Question 1 of 2 - / 30 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 I 2 3 4. 5. (To reinstate account previously written off) (To record collection of accounts receivable) ament - Reporting and Analyzing Receivables Question 1 of 2 - / 30 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 > Allowance for Doubtful Accounts e Textbook and Media List of Accounts preventing automatic upda ment - Reporting and Analyzing Receivables Question 1 of 2 > - / 30 E Prepare the journal entry to record bad debt expense for 2022, 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.) Account Titles and Explanation Debit Credit I e Textbook and Media List of Accounts Compute the accounts receivable turnover (Round answer to 1 decimal place,eg. 12.4) Accounts receivable turnover times e Textbook and Media List of Accounts some apps current in preventing automatic upd nt - Reporting and Analyzing Receivables Question 1 of 2 > -/30 Compute the accounts receivable turnover. (Round answer to 1 decimal place, eg. 124.) Accounts receivable turnover times e Textbook and Media List of Accounts Compute the average collection period. (Round answer to 1 decimal place, e.g. 12.4. Use 365 days for calculation.) Average collection period days eTextbook and Media List of Accounts Save for Later Attempts: unlimited Submit
