At December 31, 2017, Uli Imports Inc. reported this information on its balance sheet. Accounts receivable Less: Allowance for doubtful accounts $610,000 42,000 During 2018, the company had the following summary transactions related to receivables and sales. Uli uses the perpetual inventory system. 1. Sales on account amounted to $2,520,000. The cost of the inventory sold was $1,990,800. 2. Sales returns and allowances with a total sales price of $38,000 and a cost of $30,020 were restored to inventory. 3. Collections of accounts receivable were $2,244,000. 4. Write-offs of accounts receivable deemed uncollectible, $46,900. 5. Recovery of bad debts previously written off as uncollectible, $15,000. (a) Prepare the journal entries to record each of these five transactions. Assume that no cash discounts were taken on the collections of accounts receivable. (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.) No. Account Titles and Explanation Debit Credit 1. Accounts Receivable 2520000 Sales 2520000 (To record sales) Cost of Goods Sold 1990800 Inventory 1990800 (To record cost of the merchandise sold) 2. Sales Returns and Allowances 38000 Accounts Receivable 38000 (To record sales returns and allowances) Inventory 30020 Accounts Receivable 30020 (To record cost of sales on sales returns) 2. Sales Returns and Allowances 38000 Accounts Receivable 38000 (To record sales returns and allowances) Inventory 30020 Accounts Receivable 30020 (To record cost of sales on sales returns) Cash 2244000 Accounts Receivable 2244000 4. Allowance for Doubtful Accounts 46900 Accounts Receivable 46900 5. Accounts Receivable 15000 Allowance for Doubtful Accounts 15000 (To reverse write-off of account receivable) Cash 15000 Accounts Receivable 15000 (To record recovery of uncollectible amount)