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At December 31, 2021

Accounting

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At December 31, 2021. Crane Imports reported this information on its balance sheet. 
Accounts receivable 5602.000 Lws:Allowance f or doubtful accounts 41.000 
During 2022. the company had the following transactions related to receivables. 
1. Sales on account 52.560.000 2. Sales returns and allowances 52.00D 3. Collections of accounts receivable 2-260.000 4. Write-offs of accounts receivable deemed uncollectible 43.000 5. Recovery of bad debts previously written off as uncollectible 20.000 
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.) (Crcdit account titles we cartomotioally indented when amount is entered. Do not indent manually.) 
No. Account Titles and Explanation 
Debit Credit 
2. 
3. 
4. 
5. 
(To reinstate account previously written o 
(To record collection of accounts receivable) 

Enter the January 1, 2022. balances in Accounts Receivable and Allowance for Doubtful Accounts. post the entries to the two accounts and determine the balances. (Post cntrles .n the order or joumol entries posted in the previous part) 
Accounts Receivable 
- I 
- I 
V. 

Allowance for Doubtful Accounts 
eTextbook and Media 
List of Accounts 
Prepare the joumal entry to record bad debt expense for 2022. assuming that aging the accounts receivable indicates that estimated bad debts are $48.000. (Credit account titlesore outomoboany indented when amount is entered. Do not indent manually.) 
Account Titles and Explanation 
Debit Credit 
eTextbook and Media 
List of Accounts 
Compute the accounts receivable turnover. (Round answer to 1 decimal place. e.g. 12.4.) 
Accounts receivable turnover times 
Compute the average collection period. (Round answer to 1 decimal place. e.g. 12.4. Use 365 days for calculation.) 
Average collection period 
days