The first part is correct, but please answer all parts in red!
Current Attempt in Progress At December 31, 2021, Cullumber Imports reported this information on its balance sheet $525,000 Accounts receivable Less: Allowance for doubtful accounts 34.000 During 2022, the company had the following transactions related to receivables. 1 $2,510,000 2 53,000 3. 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 2.210,000 4. 44,000 5. 17,000 No. Account Titles and Explanation Debit Credit 1. Accounts Receivable 2510000 Sales Revenue 2510000 2. Sales Returns and Allowances 53000 Accounts Receivable 53000 3. Cash 2210000 Accounts Receivable 2210000 4. Allowance for Doubtful Accounts 44000 Accounts Receivable 44000 5. Accounts Receivable 17000 Allowance for Doubtful Accounts 17000 (To reinstate account previously written off) Cash 17000 Accounts Receivable 17000 (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 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 $49,000. (Credit account titles are automatically indented when amount is entered. Do not indent manually) Account Titles and Explanation Debit Credit e Textbook and Media List of Accounts * Your answer is incorrect. 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 Compute the average collection period. (Round answer to 1 decimal place, eg. 124. Use 365 days for calculation.) Average collection period days e Textbook and Media List of Accounts