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At January 1, 2021. Speedway Imports Inc reported the following on its statement of financial position: Accounts receivable Allowance for doubtful accounts $1,408,000 94,400 During 2021, the company had the following summary transactions for receivables: 1. 2. 3. Sales on account, $4,320,000; Cost of goods sold, $2,376,000; return rate of 2% Selling price of goods returned $64,000 cost of goods returned to inventory, $35,200 Collection of accounts receivable, $4.320.000 Write offs of accounts receivable deemed uncollectible, $128,000 Collection of accounts previously written off as uncollectible $57,600 After considering all of the above transactions, total estimated uncollectible accounts, $83.200 4 5. 6. Prepare journal entries to record each of the above summary transactions. (Lise 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.) No. Account Titles and Explanation Debit Credit 1. Accounts Receivable Sales (To record sales) Cost of Goods Sold Inventory | MI DAT ONE IA DI (To record cost of goods sold) 2. Sales Accounts Receivable (To record sales returns) Inventory Cost of Goods Sold (To record cost of goods returned) 3. Cash Accounts Receivable 4. Allowance for Doubtful Accounts Accounts Receivable S. Accounts Receivable Allowance for Doubtful Accounts (To reverse write-off of account receivable) Cash IL TIL II DIN Accounts Receivable (To record collection of account receivable) 6. Bad Debts Expense Allowance for Doubtful Accounts