Chapter 7 Written Homework Assignment - Spring 2022 Page 2 2 of Each Part is Independent. Part 1 - Balance in the Allowance for Doubtful Accounts Account (1 point): On January 1, 2021 the Memphis Corporation, which has a December 31st year end, had a $205,000 balance in its Accounts Receivable account. During 2021 the company had sales (all on account) of $1,324,000, and $1,417,000 cash collections of its accounts receivable. The company also had sales returns of $29,000 in 2021. The company had an $8,200 balance in Allowance for Doubtful Accounts on its December 31, 2020 Balance Sheet. During 2021 the company wrote off uncollectible accounts in the amount of $12,300 and recovered $1,400 of accounts previously written off as uncollectible. The $1,417,000 cash collections do not include th $1,400 collected in 2021 on accounts previously written-off as uncollectible. REQUIRED: (1) Complete the t-account in good form to calculate the Allowance for Doubtful Accounts' balance on the company's December 31, 2021 Unadjusted Trial Balance and (2) in the space provided indicate the balanc the Memphis Corporation should have in its Allowance for Doubtful Accounts account on its December 31, 2021 Unadjusted Trial Balance. You must show the correct answer in the space provided and correct complete the t-account to receive credit for your answer. Allowance for Doubtful Accounts balance on the 12/31/21 Unadjusted Trial Balance: $ Debit Credit (Provide the amount and circle whether the balance is a debit or a c Allowance for Doubtful Accounts