At December 31, 2021, Sheridan Imports reported this information on its balance sheet. Accounts receivable $600,000 Less: Allowance for doubtful accounts 37,000 During 2022, the company had the following transactions related to receivables. 1. Sales on account $2,500,000 2. Sales returns and allowances 50,000 3. 2,200,000 Collections of accounts receivable Write-offs of accounts receivable deemed uncollectible 4. 41,000 5. 5. Recovery of bad debts previously written off as uncollectible 15,000 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 entered. Do not indent manually.) No. Account Titles and Explanation Debit Credit 1. Accounts Receivable 2500000 Sales Revenue 2500000 2. Sales Returns and Allowances 50000 Accounts Receivable 50000 3. Cash 2200000 Accounts Receivable 2200000 4. Allowance for Doubtful Accounts 41000 Accounts Receivable 41000 5. 5 Accounts Receivable 15000 Allowance for Doubtful Accounts 15000 (To reinstate account previously written off) Cash 15000 Accounts Receivable 15000 (To record collection of accounts receivable) 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