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At December 31, 2021, Blossom Company reported this information on its balance sheet. $ 616,000 Accounts receivable Less: Allowance for doubtful accounts 34,000 During 2022, the company had the following transactions related to receivables. 1. Sales on account $ 2,640,000 2. Sales returns and allowances 47,000 3. 2,351,000 4. Collections of accounts receivable Write-offs of accounts receivable deemed uncollectible Recovery of bad debts previously written off as uncollectible 42,000 5. 15,000 Prepare the journal entries to record each of these five transactions. Assume that no cash discounts were taken on the collection of accounts receivable. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) No Account Titles and Explanation Debit Credit 1. Accounts Receivable 2,640,000 Sales Revenue 2.640,000 2. Sales Returns and Allowances 47,000 Accounts Receivable 47.000 3. cash 2,351,000 Accounts Receivable 2,351,000 4 Allowance for Doubtful Accounts 42,000 Accounts Receivable 42,000 5. Accounts Receivable 15,000 Allowance for Doubtful Accounts 15,000 (To reverse account previously written off.) cash 15,000 Accounts Receivable 15,000 (To record the 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 (use T-accounts), and determine the balances. (Post entries in the order of journal entries presented in the previous part.) Accounts Receivable Bal. 47,000 (1) 42,000 816,000 Allowance for Doubtful Accounts (4) 42,000 Bal. 34,000 (5) 15,000 Bal. 15.000 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 Bad Debt Expense 31,000 Allowance for Doubtful Accounts 31,000 eTextbook and Media List of Accounts Compute the accounts receivable turnover and average collection period, assuming the expected bad debt information provided in (c). (Round answers to 1 decimal place, e.g. 25.2.) Accounts receivable turnover times Average collection period days To