At December 31, 2021, Ivanhoe Imports reported this information on its balance sheet. $650,000 Accounts receivable Less: Allowance for doubtful accounts 40,000 During 2022, the company had the following transactions related to receivables. 1. Sales on account $2,880,000 2. 56,000 3. 2.580,000 Sales returns and allowances Collections of accounts receivable Write-offs of accounts receivable deemed uncollectible Recovery of bad debts previously written off as uncollectible 4. 43,000 5. 15,000 (a) Your 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 antara. Do natindant manual 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. Accounts Receivable 2880000 Sales Revenue 2880000 2 Sales Retums and Allowances 56000 Accounts Receivable 56000 3. Cash 2580000 Accounts Receivable 2580000 4. Allowance for Doubtful Accounts 43000 Accounts Receivable 43000 5. Accounts Receivable 15000 Allowance for Doubtful Accounts 15000 OF DOORS 50.00 (To reinstate account previously written of) C 15000 IN Accounts Receivable 15000 To record collection of accounts receivable) eTextbook and Media List of Accounts Attempts: unlimited (b) Your answer is partially correct Enter the January 1, 2022, balances in Accounts Receivable and Allowance for Doubtful Accounts, post the entries to the two accounts and determine the balances. (Post entries in the order of journal entries posted in the previous part) Accounts Receivable 650000 121 56000 2880000 13) 2580000 (5) 15000 14) 43000 Enter the January 1, 2022, balances in Accounts Receivable and Allowance for Doubtful Accounts, post the entries to the two accounts and determine the balances. (Post entries in the order of journal entries posted in the previous port) Accounts Receivable Bal 650000 121 56000 2000000 132 250000 (59 15000 (4) 43000 15) 150CO 51000 Allowance for Doubtful Accounts Bal 2 152 15000 Bel