At December 31, 2021, Blossom Imports reported this informationon its balance sheet. Accounts receivable $592,000 Less: Allowancefor doubtful accounts 41,000 During 2022, the company had thefollowing transactions related to receivables. 1. Sales on account$2,780,000 2. Sales returns and allowances 50,000 3. Collections ofaccounts receivable 2,480,000 4. Write-offs of accounts receivabledeemed uncollectible 44,000 5. Recovery of bad debts previouslywritten off as uncollectible 17,000 Prepare the journal entries torecord each of these five transactions. Assume that no cashdiscounts were taken on the collections of accounts receivable.(Omit cost of goods sold entries.) (Credit account titles areautomatically indented when amount is entered. Do not indentmanually.) No. Account Titles and Explanation Debit Credit 1. enteran account title to record the first transaction enter a debitamount enter a credit amount enter an account title to record thefirst transaction enter a debit amount enter a credit amount 2.enter an account title to record the second transaction enter adebit amount enter a credit amount enter an account title to recordthe second transaction enter a debit amount enter a credit amount3. enter an account title to record the third transaction enter adebit amount enter a credit amount enter an account title to recordthe third transaction enter a debit amount enter a credit amount 4.enter an account title to record the fourth transaction enter adebit amount enter a credit amount enter an account title to recordthe fourth transaction enter a debit amount enter a credit amount5. enter an account title to record the fifth transaction toreinstate account previously written off enter a debit amount entera credit amount enter an account title to record the fifthtransaction to reinstate account previously written off enter adebit amount enter a credit amount (To reinstate account previouslywritten off) enter an account title to record the fifth transactionenter a debit amount enter a credit amount enter an account titleto record the fifth transaction enter a debit amount enter a creditamount (To record collection of accounts receivable) eTextbook andMedia List of Accounts Enter the January 1, 2022, balances inAccounts Receivable and Allowance for Doubtful Accounts, post theentries to the two accounts and determine the balances. (Postentries in the order of journal entries posted in the previouspart) Accounts Receivable choose a transaction date enter a debitamount choose a transaction date enter a credit amount choose atransaction date enter a debit amount choose a transaction dateenter a credit amount choose a transaction date enter a debitamount choose a transaction date enter a credit amount choose atransaction date enter a debit amount choose a transaction dateenter a credit amount choose the end date of the accounting periodenter a debit balance choose the end date of the accounting periodenter a credit balance Allowance for Doubtful Accounts choose atransaction date enter a debit amount choose a transaction dateenter a credit amount choose a transaction date enter a debitamount choose a transaction date enter a credit amount choose theend date of the accounting period enter a debit balance choose theend date of the accounting period enter a credit balance eTextbookand Media List of Accounts Prepare the journal entry to record baddebt expense for 2022, assuming that aging the accounts receivableindicates that estimated bad debts are $49,000. (Credit accounttitles are automatically indented when amount is entered. Do notindent manually.) Account Titles and Explanation Debit Credit enteran account title for the journal entry to record the bad debtexpense for 2022 enter a debit amount enter a credit amount enteran account title for the journal entry to record the bad debtexpense for 2022 enter a debit amount enter a credit amounteTextbook and Media List of Accounts Compute the accountsreceivable turnover. (Round answer to 1 decimal place, e.g. 12.4.)Accounts receivable turnover enter the accounts receivable turnoverin times rounded to 1 decimal place times eTextbook and Media Listof Accounts Compute the average collection period. (Round answer to1 decimal place, e.g. 12.4. Use 365 days for calculation.) Averagecollection period enter the average collection period in daysrounded to 1 decimal place days eTextbook and Media List ofAccounts