Accounting for Accounts Receivable Assume that Dominum Company had the following balances in its receivable accounts on December 31, 2016: Accounts receivable Allowance for bad debts Transactions during 2017 were as follows: Gross credit sales.... Collections of accounts receivable ($3,680,000 less cash discounts of $64,000).. Sales returns and allowances (from credit sales) Accounts receivable written off as uncollectible. Balance in Allowance for Bad Debts on December 31, 2017 (based on percent of total accounts receivable).. Required: 1. Prepare entries for the 2017 transactions. 2. What amount will Dominum Company report for: a. Net sales on its 2017 statement of comprehensive income? $640,000 20,600 (credit balance) b. Total accounts receivable on its balance sheet of December 31, 2017? $4,200,000 3,616,000 48,000 18,800 43,600