Normal text Arial 12 + BI UA 15 E . 2 Goldey-Beacom College ACC206 Principles of Accounting! Assignment #7 CH8 At December 31, 2020, Dustin Company reported this information on its balance sheet. Accounts receivable Less: Allowance for doubtful accounts 960,000 78,000 a. Prepare the journal entries to record each of these five transactions. Assume that no cash discounts were taken on the collections of accounts receivable. 1. Sales on account $ 3,600,000 Date Account Titles Ret Debit Credit 2. Sales returns on allowances $ 150,000 Date Account Titles Ref Debit Credit 3. Collections of accounts receivable $ 3,100,000 Normal text Arial 12 + G Em EEE 13 E 1 2 5 7 3. Collections of accounts receivable $ 3,100,000 Date Account Titles Ref Debit Credit 4. Write-offs of accounts receivable deemed uncollectible $ 92,000. Date Account Titles Ref Debit Credit 5. Recovery of bad debts previously written off as uncollectible $ 28,000. Date Account Titles Ref Debit Credit 1 b. Enter the January 1, 2020 balances in Accounts Receivable and Allowance for Doubtful Accounts, post the entries to the two accounts and determine the balances. Accounts Receivable Debit Credit Allowance for Doubtful Accounts Debit Credit c. Prepare the journal entry to record bad debts expense for 2020, assuming that agina the accounts receivable indicates that expected bad debts are $140,000. Normal text Arial 12 + CD EEE 13 INI 2 3 4 5 6 c. Prepare the journal entry to record bad debts expense for 2020, assuming that aging the accounts receivable indicates that expected bad debts are $140,000. Date Account Titles Ref Debit Credit d. Compute the accounts receivable turnover and average collection period