At January 1. 2021. Penny Worth imports inc. reported the following on its statement of financial position: During 2021, the company had the following summary transactions for receivables: 1. Sales on account, $5.940,000; Cost of goods sold, $3,261,000; return rate of 2% 2. Selling price of goods returned, $94,000; cost of goods returned to inventory, $50,200 3. Collection of accounts receivable, $5,940.000 4. Write offs of accounts receivable deemed uncollectible, $173,000 5. Collection of accounts previously written off as uncollectible, $80,100 6. After considering all of the above transactions, total estimated uncollectible accounts, $114,700 Question 1 of 4 No. Account Titles and Explanation Debit Credit 1. (To record sales) (To recond cost of goods sold) 2. (To record sales returns) (To record cost of goods returned) 3. 4. 5. (To reverse wilte-olf of account recelvable) STo record collection of account. recelvable) 6