Jayco Inc. started its operations in 2022. Its sales during 2022, all on account, totalled $700,000. The company collected $500,000 in cash from customers during the year and wrote off $8,000 in uncollectible accounts. The company set up an allowance for doubtful accounts at December 31, 2022, Its fiscal year-end, and determined the account balance to be $14,000. The unadjusted balances of selected accounts at December 31, 2023 are as follows: Accounts receivable Allowance for doubtful accounts (debit) Sales revenue (including 80 percent in sales on account) $300,000 10,000 800,000 Aging of the accounts receivable on December 31, 2023, resulted in an estimate of $11,000 in potentially uncollectible accounts. Required: 1. Prepare the journal entries to record all the transactions during 2022 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.) No Transaction General Journal A 1 Accounts receivable Sales revenue B 2 Cash Accounts receivable Debit 700,000 Credit 700,000 500,000 500,000 с 3 Allowance for doubtful accounts 8,000 Accounts receivable 8,000 D 4 Bad debt expense 6,000 x Allowance for doubtful accounts 6,000 x Beg. bal. Credit sales Bad debt expense Collections End. bal. Accounts Receivable 0 700,000 192,000 500,000 8,000 Beg. bal. Write-offs x x End. bal. *Red text indicates no response was expected in a cell or a formula-based calculation is incorrect; no points deducted. Allowance for Doubtful Accounts 0 8,000 22,000 Bad debt expense 14,000 2. 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.) No Transaction General Journal A 1 Accounts receivable Cash Sales revenue B 2 Allowance for doubtful accounts Accounts receivable C 3 Cash D Accounts receivable Debit 640,000 Credit 160,000 800,000 24,000 24,000 508,000 508,000 Bad debt expense 24,000 x Allowance for doubtful accounts 24,000 x Accounts Receivable Allowance for Doubtful Accounts Beg. bal. 192,000 Credit sales 640,000 508,000 Collections 24,000 Write-offs Beg. bal. Write-offs 14,000 24,000 Unadj. Bal 10,000 24,000 × Bad debt expense End. bal. 300,000 End. bal. *Red text indicates no response was expected in a cell or a formula-based calculation is incorrect; no points deducted. 14,000 3. Compute the receivables turnover ratio and the average collection period for 2023. (Use 365 days a year. Round "Receivables turnover" to 2 decimal places and other answer to nearest whole number.) Receivables turnover 2.60 x times Average collection period 140 x days