FIX THE BOXES IN RED

At December 31, 2021, Metlock, Inc. reported this information on its balance sheet. Accounts receivable $573,000 Less: Allowance for doubtful accounts 37,000 During 2022, the company had the following transactions related to receivables. 1. Sales on account $2,396,000 2. Sales returns and allowances 47,000 3. Collections of accounts receivable 2,313,000 4. Write-offs of accounts receivable deemed uncollectible 38,000 5. Recovery of bad debts previously written off as uncollectible 16,000 No Account Titles and Explanation Debit Credit 1. Accounts Receivable I I 2396000I I I Sales Revenue I:I 2396000 Sales Returns and Allowances 47000 Accounts Receivable I I I I 47000 I Accounts Receivable I I I I 2313000 I Allowance for Doubtful Accounts 38000 Accounts Receivable I:I 38000 Accounts Receivable I I 16000I I I Allowance for Doubtful Accounts :I_ 16000 (To reverse account previously written off.) Cash I I 16000 I I I Accounts Receivable I:I 16000 (To record the collection of accounts receivable.) Enter the January 1, 2022, balances in Accounts Receivable and Allowance for Doubtful Accounts, post the entries to the two accounts (use T-accounts), and determine the balances. (Post entries in the order of journal entries presented in the previous part.) Accounts Receivable Bal. 573000 (2) 47000 (1) V 2396000 (3) V 2313000 (5) V 16000 (4) V 38000 (5) 16000 Bal. V Allowance for Doubtful Accounts (4) 38000 Bal. 37000 (5) 16000 Bal. V