semp Current Attempt in Progress At December 31, 2024, Crane Imports reported this information on its balance sheet. Accounts receivable $587,000 Less: Allowance for doubtful accounts 36,000 During 2025, the company had the following transactions related to receivables. 1. Sales on account $2,650,000 2. Sales returns and allowances 55,000 3. Collections of accounts receivable 2,350,000 4. Write-offs of accounts receivable deemed uncollectible 40,500 5. Recovery of bad debts previously written off as uncollectible 15,300 Enter the January 1, 2025, 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 presented in the previous part.) Accounts Receivable Bal. Allowance for Doubtful Accounts Question 13 of 14 < > Bal. (1) (2) (3) (4) (5) Bal Allowance for Doubtful Accounts eTextbook and Media 4/ X Your answer is incorrect. Compute the accounts receivable turnover. (Round answer to 1 decimal place, eg. 12.4) Accounts receivable turnover eTextbook and Media List of Accounts X Your answer is incorrect. 14 times Compute the average collection period. (Round answer to 1 decimal place, eg. 12.4. Use 365 days for calculation) Average collection period 18 days