2 IT Your answer is partially correct. An inexperienced accountant made the following entries. In each case, the explanation to the entry is correct. Assume that at 12/31 the correct balance of the Allowance account before adjustment is 5-0 Dec 17 Cash 7,200 Sales Discounts 80 Accounts Receivable 7.280 (To record collection of 124 sales, terms 2/10, 1/30) 27 Cash 1,000 Bad Debt Expense 1.000 (Collection of account previously written off as uncollectible under allowance method) 31 Bad Debt Expense 1,800 Allowance for Doubtful Accounts 1.800 (To recognize estimated bad debts based on 3% of accounts receivable of $760,000) Prepare the correcting entries. (Credit account ttles are automatically indented when the amount is entered. Do not indent manuallyRecord journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit Dec 17 Cash 7,280 Accounts Receivable 7.280 Dec 27 Allowance for Doubtful Accounts 1.000 1,000 Accounts Receivable (To reverse write off of collected account) Cash Dec 27 1,000 1,000 Accounts Receivable (To record collection) Kad Debt Expense Dec. 31 1.800 Allowance for Doubtful Accounts 1.800