- 13 III Question 1 of 3 View Policies Current Attempt in Progress At January 1, 2022. Sipacore Imports Inc. reported this information on its balance sheet. Accounts receivable Less: Allowance for doubtful accounts $744,000 48,800 During 2022, the company had the following summary transactions related to receivables and sales. Sipacore uses the perpetual inventory system. Sicacore expects a return rate of 3%. 1. 2. 3. Sales on account amounted to $3,050,000. The cost of the inventory sold was $2,287,500. Goods with a total sales price of $48,800 and a cost of $36,600 were restored to inventory. Collections of accounts receivable were $2,684,000. Write-offs of accounts receivable deemed uncollectible, $54,900. Recovery of bad debts previously written off as uncollectible, $18,300. 4. 5. Prepare the journal entries to record each of these five transactions. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Debit Credit No. Account Titles and Explanation 1. I (To record sales) (To record cost of the merchandise sold) 2. (To record sales returns and allowances) (To record cost of sales on sales returns) 3. 4. 1 5. (To reverse write-off of account receivable) (To record recovery of uncollectible amount) e Textbook and Media List of Accounts