Current Attempt in Progress At January 1, 2021. Underwood Imports inc reported the following on its statement of financial position Accounts receivable Allowance for doubtful accounts 51.780.000 118.000 During 2021, the company had the following summary transactions for receivables 1 2 3. 4. Sales on account 55.400,000, Cost of goods sold, $2.970,000. return rate of 2% Selling price of goods returned $80.000 cost of goods returned to inventory $44,000 Collection of accounts receivable, 55,400.000 Write offs of accounts recevable deemed uncollectible, $160.000 Collection of accounts previously written off as uncollectible $72,000 After considering all of the above transactions, total estimated uncollectible accounts 5104,000 5. (a) Your answer is partially correct Prepare journal entries to record each of the above summary transactions. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter for the amounts (o record cost of goods sold) Sales Returns and Allowances 2. 10000 B0000 Accounts Receivable (To record sales returns) Inventory 44000 Cost of Goods Sold (To record cost of goods returned) Cash 3. 5400000 Accounts Receivable 5400000 4. Allowance for Doubtful Accounts 160000 Accounts Receivable 160000 5. Accounts Receivable 72000 Allowance for Doubtful Account 72000 (To reverse write-off of account receivable) Cash 72000 72000 Accounts Receivable (To record collection of account receivable) Bad Dobes Expense 100000 Allowance for Doubtful Accounts 104000