This is my assignment, I can't figure out to adjust the one 115000 and accounts receivable turnover what I have there is not correct. P9-1A At December 31, 2007, Leis Co. reported the following information on its balance sheet. Accounts receivable $960,000 Less: Allowance for doubtful accounts 80,000 During 2008, the company had the following transactions related to receivables. 1. Sales on account $3,200,000 2. Sales returns and allowances 50,000 3. Collections of accounts receivable 2,810,000 4. Write-offs of accounts receivable deemed uncollectible 90,000 5. Recovery of bad debts previously written off as uncollectible 24,000 Correct. Prepare the journal entries to record each of these five transactions. Assume that no cash discounts were taken on the collections of accounts receivable. Account / Description Debit Credit 1. Accounts receivable $ 3200000 Sales $ 3200000 2. Sales returns and allowances $ 50000 Accounts receivable $ 50000 3. Cash $ 2810000 Accounts receivable $ 2810000 4. Allowance for doubtful accounts $ 90000 Accounts receivable $ 90000 5. Accounts receivable $ 24000 Allowance for doubtful accounts $ 24000 (To reinstate the account) Cash $ 24000 Accounts receivable $ 24000 (To record the collection) Correct. Enter the January 1, 2008, balances in Accounts Receivable and Allowance for Doubtful Accounts, post the entries to the two accounts (use T accounts), and determine the balances. (Enter the amounts in the same order as the transactions above.) Accounts Receivable Allowance for Doubtful Accounts Bal. $ 960000 $ 50000 $ 90000 Bal. $ 80000 3200000 2810000 24000 24000 90000 24000 Bal. $ 1210000 Bal. $ 14000 Incorrect. Prepare the journal entry to record bad debts expense for 2008, assuming that an aging of accounts receivable indicates that expected bad debts are $115,000. Account / Description Debit Credit Bad debts expense $ Allowance for doubtful accounts $ Incorrect. Compute the accounts receivable turnover ratio for 2008. (Round answer to 2 decimal places, e.g. 10.50.) times