At December $31,2021,$ Concord Corporation reported this information on its balance sheet.Accounts receivable$$650,000$Less: Allowance for doubtful accounts$40,000$During $2022,$ the company had the following transactions related to receivables$\mathrm{.}1.$Sales on account$$2,880,0002.$Sales returns and allowances$56,0003.$Collections of accounts receivable$2,580,0004.$Write$-$offs of accounts receivable deemed uncollectible$43,0005.$Recovery of accounts previously written off as uncollectible$15,000($a$)$Your AnswerCorrect AnswerYour answer is correct.Prepare the journal entries to record each of these five transactions. Assume that no cash discounts were taken on the collections of accounts receivable. $($Omit cost of goods sold 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 $0$ for the amounts.$)$NoAccount Titles and ExplanationDebitCredit$1.$enter an account titleCorrect answerenter a debit amount Correct answerenter a credit amount Correct answerenter an account titleCorrect answerenter a debit amount Correct answerenter a credit amount Correct answer$2.$enter an account titleCorrect answerenter a debit amount Correct answerenter a credit amount Correct answerenter an account titleCorrect answerenter a debit amount Correct answerenter a credit amount Correct answer$3.$enter an account titleCorrect answerenter a debit amount Correct answerenter a credit amount Correct answerenter an account titleCorrect answerenter a debit amount Correct answerenter a credit amount Correct answer$4.$enter an account titleCorrect answerenter a debit amount Correct answerenter a credit amount Correct answerenter an account titleCorrect answerenter a debit amount Correct answerenter a credit amount Correct answer$5.$enter an account title to reverse account previously written offCorrect answerenter a debit amount Correct answerenter a credit amount Correct answerenter an account title to reverse account previously written offCorrect answerenter a debit amount Correct answerenter a credit amount Correct answer$($To reverse account previously written off.$)$enter an account title to record the collection of accounts receivableCorrect answerenter a debit amount Correct answerenter a credit amount Correct answerenter an account title to record the collection of accounts receivableCorrect answerenter a debit amount Correct answerenter a credit amount Correct answer$($To record the collection of accounts receivable.$)$eTextbook and MediaList of AccountsAttempts: unlimited$($Enter the January $1,2022,$ balances in Accounts Receivable and Allowance for Doubtful Accounts, post the entries to the two accounts $($use T$-$accounts$),$ and determine the balances. $($Post entries in the order of journal entries presented in the previous part.$)$Accounts Receivablechoose a transaction dateenter a debit amount choose a transaction dateenter a credit amount choose a transaction dateenter a debit amount choose a transaction dateenter a credit amount choose a transaction dateenter a debit amount choose a transaction dateenter a credit amount choose a transaction dateenter a debit amount choose a transaction date