Question 5 View Policies Current Attempt in Progress At December 31, 2016, Kingbird, Inc. Imports reported this information on its balance sheet. Accounts receivable Less: Allowance for doubtful accounts $630,100 36,160 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 $2,988,600 76,392 2,505,300 44,220 14,700 Prepare the journal entries to record each of these five transactions. Assume that no cash discounts were taken on the collections of accounts receivable. (Omit cost of goods sold entries.) (Credit account titles are automatically indented when amount is entered. Do not indent manually) No. Account Titles and Explanation Debit Credit (To reinstate account previously written off) List of Accounts Accounts Payable Accounts Receivable Accumulated Depreciation-Equipment Allowance for Doubtful Accounts Bad Debt Expense Cash Common Stock Cost of Goods Sold Dividends Income Tax Expense Income Taxes Payable Interest Receivable Interest Revenue Inventory No Entry Notes Receivable Other Operating Expenses Other Receivables Retained Earnings Sales Discounts Sales Returns and Allowances Sales Revenue Service Charge Expense Supplies Supplies Expense Part 2 Enter the January 1, 2017, balances in Accounts Receivable and Allowance for Doubtful Accounts, post the entries to the two accounts and determine the balances. (Post entries in the order of journal entries posted in the previous part) Accounts Receivable = 25899 Allowance for Doubtful Accounts Part 3 Prepare the journal entry to record bad debt expense for 2017, assuming that aging the accounts receivable indicates that estimated bad debts are $93.288. (Credit account titles are automatically indented when amount is entered. Do not indent manually) Account Titles and Explanation Debit Credit List of Accounts Part 4 Compute the accounts receivable turnover. (Round answer to 1 decimal place,eg. 12.4) Accounts receivable turnover times List of Accounts Save for Later Attempts: 0 of 5 used Submit Answer Part 5 Compute the average collection period. (Round answer to 1 decimal place, s. 124) Average collection period days List of Accounts Attemnts of 5 used Submit An