Prepare journal entries related to bad debt expense, and compute ratios.

accounts receivable $600,000 less: allowance for doubtful accounts 37,000 during 2022, the company had the following transactions related to receivables.

1. sales on account $2,500,000
2. sales returns and allowances 50,000
3. collections of accounts receivable 2,200,000
4. write-offs of accounts receivable deemed uncollectible 41,000
5. recovery of bad debts previously written off as uncollectible 15,000

instructions
a) 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.)
b) enter the january 1, 2022, balances in accounts receivable and allowance for doubtful accounts, post the entries to the two accounts (use t-accounts), and determine the balances. a/r bal. $809,000
c) prepare the journal entry to record bad debt expense for 2022, assuming that aging the accounts receivable indicates that estimated bad debts are $46,000.
d) compute the accounts receivable turnover and average collection period.

Historically, 12 percent of a mail-order firm's repeat charge-account customers have an incorrect current address in the firm's computer database. the number of customers out of 19 who have an incorrect address in the database is a binomial random variable with n = 19 and 2formula36.mml = 0.12.

On january 1, 2018, red flash photography had the following balances: cash, $19,000; supplies, $8,700; land, $67,000; deferred revenue, $5,700; common stock $57,000; and retained earnings, $32,000. during 2018, the company had the following transactions: 1. february 15 issue additional shares of common stock, $27,000. 2. may 20 provide services to customers for cash, $42,000, and on account, $37,000. 3. august 31 pay salaries to employees for work in 2018, $30,000. 4. october 1 purchase rental space for one year, $19,000. 5. november 17 purchase supplies on account, $29,000. 6. december 30 pay dividends, $2,700. the following information is available on december 31, 2018: 1. employees are owed an additional $4,700 in salaries. 2. three months of the rental space has expired. 3. supplies of $5,700 remain on hand. 4. all of the services associated with the beginning deferred revenue have been performed. required: 1. record the transactions that occurred during the year.2. record the adjusting entries at the end of the year.3. prepare an adjusted trial balance.4. prepare an income statement, statement of stockholders’ equity, and classified balance sheet.5. prepare closing entries.

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