Jayco Inc. started its operations in 2016 . Its sales, all on account, totalled $700,000. The company collected $500,000 in cash from customers during the year and wrote off $8,000 in uncollectible accounts. The company set up an allowance for doubtful accounts at December 31,2016 , its fiscal year end, and determined the account balance to be $14,000. The unadjusted balances of selected accounts at December 31, 2017, are as follows: Aging of the accounts receivable on December 31,2017 , resulted in an estimate of $11,000 in potentially uncollectible accounts. Required: 1. Prepare the journal entries to record all the transactions during 2016 and post them to appropriate T-accounts. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) 2. Prepare the journal entries to record all the transactions during 2017 and post them to appropriate T-accounts. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) 3. Compute the receivables turnover ratio and the average collection period for 2017. (Use 365 days a year. Round "Receivables turnover" to 2 decimal places and other answer to nearest whole number.) 4. Does the write-off of accounts receivable affect the current ratio? Yes No 5. Does the recording of bad debt expense affect the receivables turnover ratio? Yes No