2021 Your company had the following balances for the past two years; 2020 Income Statement Sales (net) $4,221,500 Cost of Goods Sold 1,927,800 Bad Debts Expense 13,600 Balance Sheet Accounts Receivable 362,400 Allowance for Doubtful Accounts 21,100 Advances From Customers 40,200 $4,875,400 2,159,600 20,500 321,800 18,200 35,900 a. b. 4. 1. What entries does a company normally make to record sales on account? 2. Explain what the account called "Sales (net)" means? 3. What entries does a company normally make when they receive cash for products which will be delivered at a later date and when they deliver the products at a later date Provide three reasons why Accounts Receivable might be credited (reduced) during the year? 5. What journal entry does a company normally make when a customer returns a product after paying for it? 6. You offered your customers an incentive to pay their accounts more quickly by reducing the amount to be paid by 2% if the customer pays within 10 days. What entry would you make when a customer pays off their account on the 3* day after you sold the product on account? 7. Based upon the amounts and accounts at the top of the page, can you explain why Allowance for Doubtful Accounts changed from $21,100 in 2020 to $18,200 in 2021. Please show and label your work. S. What was your company's average collection period (Days in Receivables) for 2021? Please show your calculations