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HOMEWORK #5 Due October 23, 5:00 pm 10 points Submit your answers to both parts of the assignment in a single Word document PART 1 The following information is available for a company as of January 1, 2019: Accounts Receivable $300,000 Allowance for Doubtful Accounts (14,000) Accounts Receivable (net) 286,000 The following events took place during 2019: 1. During the year, the company sold services for $500,000 cash and $3,000,000 on credit. 2. On December 31, a decision was made to estimate bad debts as 0.5% of credit sales. 3. Accounts Receivable of $1,000 from prior years was determined to be uncollectible and was written off as a bad debt. 4. The company collected $2,800,000 of cash from accounts receivable. Required A. Prepare journal entries for each of the four events above that took place during 2019. B. Determine the Accounts Receivable (net) amount as of December 31, 2019. Show your work C. Determine the receivables turnover ratio for 2018 and 2019. Credit sales for 2018 amounted to $2,000,000 and Accounts Receivable (net) as of December 31, 2017 was $250,000. Based on the turnover ratio, which year did the firm better manage its Accounts Receivable