Consider the following transactions (Click the icon to view the transactions.) Requirement Prepare the journal entries required to record the transactions on the books of Sullivan Stamping Company (assume the company uses the allowance method). (Record debits first, then credits. Exclude explanations from any journal entries.) a. Writes off an account from Stewart Foods in the amount of $489,000. b. Records credit sales for the year of $6,679,000. Ignore cost of goods sold and the reduction of inventory. c. Receives $107,675 (selling price) of merchandise returned by I Tel Company that had been purchased on credit and not yet paid for. Ignore cost of goods sold and the increase in inventory. d. Collects $1,283,500 on account