At December $31,2021,$ House Co$.$ reported the following information on its balance sheet.

Accounts Receivable

Cash

Accounts Receivable

Allowance for Doubtful Accounts

Accounts Receivable

Accounts Receivable

Allowance for Doubtful Accounts

$($To reverse account previously written off.$)$

Accounts Receivable Enter the January $1,2022,$ balances in Accounts Receivable and Allowance for Doubtful Accounts, post the entries to the two

accounts $($use T$-$accounts$),$ and determine the balances. $($Post entries in the order of journal entries presented in the previous part.$)$

Accounts Receivable Your answer is correct.

Prepare the journal entry to record bad debt expense for $2022,$ assuming that an aging of accounts receivable indicates that

expected uncollectibles are $$115,000.($Credit account titles are automatically indented when amount is entered. Do not indent

manually.$)$

Account Titles and Explanation

Debit

Credit

Bad Debt Expense

Allowance for Doubtful AccountsCompute the accounts receivable turnover and average collection period for $2022.($Round accounts receivable turnover to $2$ decimal

places, e$.$g$.25\mathrm{.}25$ and average collection period to $1$ decimal place, e$.$g$.25\mathrm{.}2.)$

Accounts receivable turnover ratio

times

Average collection period

days

During $2022,$ the company had the following transactions related to receivables.

Sales on account

$$3,700,000$

Sales returns and allowances

$50,000$

Collections of accounts receivable

$2,810,000$

Write$-$offs of accounts receivable deemed uncollectible

$90,000$

Recovery of accounts previously written off as uncollectible

$29,000$ Your answer is partially correct.

Enter the January $1,2022,$ balances in Accounts Receivable and Allowance for Doubtful Accounts, post the entries to the two

accounts $($use T$-$accounts$),$ and determine the balances. $($Post entries in the order of journal entries presented in the previous part.$)$

Accounts Receivable

Bal.

Bal.

Allowance for Doubtful Accounts