Ratgo Corp. is a wholesaler of imported products. It reported $4,500,000 in sales for fiscal year...

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Ratgo Corp. is a wholesaler of imported products. It reported $4,500,000 in sales for fiscal year 2023, all on account. The company collected $4,450,000 in cash from customers during the year and wrote off $27,000 in uncollectible accounts. The company's accounts receivable had a debit balance of $515,000 at December 31, 2022. Its allowance for doubtful accounts had a credit balance of $38,000 at December 31, 2022 and a credit balance of $40,000 at December 31, 2023. The unadjusted balances of selected accounts at December 31, 2024, are as follows: Accounts receivable Allowance for doubtful accounts (debit) Sales revenue (including 85 percent in sales on account) $1,250,000 25,000 5,000,000 Aging of the accounts receivable on December 31, 2024, resulted in an estimate of $75,000 in potentially uncollectible accounts. Required: 1. Prepare the journal entries to record all the transactions during 2023 and post them to appropriate T-accounts. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet A B C D Record the entry for sale on accounts. Note: Enter debits before credits. Transaction 1 General Journal Debit Credit > Accounts Receivable Beg. bal. End. bal. Beg. bal. End. bal. Allowance for Doubtful Accounts 2. Prepare the journal entries to record all the transactions during 2024 and post them to appropriate T-accounts. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet > A B C D Record the sales revenue (including 85 percent in sales on account). Note: Enter debits before credits. Transaction 1 General Journal Debit Credit Record entry Clear entry View general journal > Accounts Receivable Allowance for Doubtful Accounts Beg. bal. Beg. bal. End. bal. Unadj. Bal End. bal. 3. Compute the receivables turnover ratio and the average collection period for 2024. (Use 365 days a year. Round "Receivables turnover" to 2 decimal places and other answer to 1 decimal place.) Receivables turnover times Average collection period days 4. Does the write-off of accounts receivable affect the receivables turnover ratio? Yes No 5. Does the recording of bad debt expense affect the current ratio? Yes No Ratgo Corp. is a wholesaler of imported products. It reported $4,500,000 in sales for fiscal year 2023, all on account. The company collected $4,450,000 in cash from customers during the year and wrote off $27,000 in uncollectible accounts. The company's accounts receivable had a debit balance of $515,000 at December 31, 2022. Its allowance for doubtful accounts had a credit balance of $38,000 at December 31, 2022 and a credit balance of $40,000 at December 31, 2023. The unadjusted balances of selected accounts at December 31, 2024, are as follows: Accounts receivable Allowance for doubtful accounts (debit) Sales revenue (including 85 percent in sales on account) $1,250,000 25,000 5,000,000 Aging of the accounts receivable on December 31, 2024, resulted in an estimate of $75,000 in potentially uncollectible accounts. Required: 1. Prepare the journal entries to record all the transactions during 2023 and post them to appropriate T-accounts. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet A B C D Record the entry for sale on accounts. Note: Enter debits before credits. Transaction 1 General Journal Debit Credit > Accounts Receivable Beg. bal. End. bal. Beg. bal. End. bal. Allowance for Doubtful Accounts 2. Prepare the journal entries to record all the transactions during 2024 and post them to appropriate T-accounts. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet > A B C D Record the sales revenue (including 85 percent in sales on account). Note: Enter debits before credits. Transaction 1 General Journal Debit Credit Record entry Clear entry View general journal > Accounts Receivable Allowance for Doubtful Accounts Beg. bal. Beg. bal. End. bal. Unadj. Bal End. bal. 3. Compute the receivables turnover ratio and the average collection period for 2024. (Use 365 days a year. Round "Receivables turnover" to 2 decimal places and other answer to 1 decimal place.) Receivables turnover times Average collection period days 4. Does the write-off of accounts receivable affect the receivables turnover ratio? Yes No 5. Does the recording of bad debt expense affect the current ratio? Yes No