Current Attempt in Progress At December 31, 2019, Sheffield Corp.reported the following information on its balance sheet. Accounts receivable Less: Allowance for doubtful accounts $938,000 73,000 During 2020, the company had the following transactions related to receivables. 1. Sales on account 2. Sales returns and allowances 3. Collections of accounts receivable 4. Write-offs of accounts receivable deemed uncollectible 5. Recovery of bad debts previously written off as uncollectible $3,889,250 55,000 2,763,000 91,000 28,000 Prepare the journal entries to record each of these five transactions. Assume that no cash discounts were taken on the collections of accounts receivable. (Credit account titles are automatically indented when amount is entered Do not indent manually.) manually.) No Account Titles and Explanation Debit Credit (To reverse account previously written off.) (To record the collection of accounts receivable.) Prepare the journal entry to record bad debt expense for 2020, assuming that an aging of accounts receivable indicates that expected bad debts are $333,250. (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 Compute the accounts receivable turnover for 2020, assuming the expected bad debt information provided in (c). (Round answer to 2 decimal places, e s. 25.25.) Accounts receivable turnover ratio times e Textbook and Media