At December 31, 2021, Cullumber Imports reported this information on its balance sheet. Accounts receivable Less: Allowance for doubtful accounts $565,700 38,000 During 2022, the company had the following transactions related to receivables, 1. 2. 3. Sales on account Sales returns and allowances Collections of accounts receivable Write-offs of accounts receivable deemed uncollectible Recovery of bad debts previously written off as uncollectible $2,560,000 50,000 2.260,000 42,400 16,000 4. 5. (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. (Omit cost of goods sold entries.) (Credit account titles are automatically indented when amount is entered. Do not indent manually.) No. Account Titles and Explanation Debit Credit 1. 2. 3. 4 5. -15 5. (To reinstate account previously written off) (To record collection of accounts receivable)