Question 3 View Policies Current Attempt in Progress At December 31, 2016, Indigo Corporation Imports reported this information on its balance sheet. Accounts receivable Less: Allowance for doubtful accounts $652,800 38,030 During 2017, 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 $2,883,800 85,386 2,592,000 44,010 14,500 Prepare the journal entries to record each of these five transactions. Assume that no cash discounts were taken on the collech receivable. (Omit cost of goods sold entries) (Credit account titles are automatically indented when amount is entered. Do not inde No. Account Titles and Explanation Debit Credit Accounts Payable 2.883.800 2,883.800 2. Sales Returns and Allowances 85 386 Accounts Receivable 85.386 2.592.000 Accounts Receivable 2.592.000 4. Allowance for Doubtful Accounts 14.010 Acco Receivable 44010 302100PTOA, % Prepare the journal entry to record bad debt expense for 2017, assuming that aging the accounts receivable indicates that estimated bad debts $64.894. (Credit account titles are automatically indented when amount is entered. Do not indent manually Account Tities and Explanation Debit Credit e Textbook and Media List of Accounts Compute the counts receivable u n der 1 decimal 1253 Accounts receivable turnover eTextbook and Media List of Accounts Compute the average collection period. Round answer to 1 decimal place, 12.5) A collection period Textbook and Media into accounts emps of use a WERTYUI