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At December 31, 2017, Benton Imports Inc reported this information on its balance sheet Accounts receivable $646,000 Less: Allowance for doubtful accounts 36,000 During 2018, the company had the following summary transactions related to receivables and sales. Benton uses the perpetual Inventory system 1 2 3 Sales on account amounted to $2.518,000. The cost of the inventory sold was $2,115.120. Sales returns and allowances with a total sales price of $40,000 and a cost of $33,600 were restored to inventory Collections of accounts receivable were $2.194,000. Write-offs of accounts receivable deemed uncollectible, $40.500 Recovery of bad debts previously written off as uncollectible, 516,500, 4 5. Prepare the journal entries to record each of these five transactions. Assume that no cash discounts were taken on the collections of accounts receivable. (Credit account titles are automatically indented when amount is entered. Do not indent moral no entry is required, select "No Entry for the account titles and enter for the amounts) No. Account Titles and Explanation Credit Debit 1. Account Receivable 2518000 Sales 2516000 (To record sales) Cost of Good Sold 2115220 Inventory 201510 (To record cost of the merchandise sold) 2. Salet Returns and Allowance 40000 Accounts Receivable 000 To record sales returns and allowances) Inventory 33600 Cost of Goods Sold 3600 (To record cost of sales on sales returns) pobolDOMU 3. Car 2000 Account Receivable 21100 Allowance for Doutor Account Acontece 5. Account Rechable 18500 Aance for Doubtful Acco (To reverse write-off of account receivable) 16100 1850 (To record recovery of uncolectible amount) Your answer is correct. Enter the January 1, 2018, balances in Accounts Receivable and Allowance for Doubtful Accounts, post the entries to the two accounts (use Taccounts). and determine the balances before any year-end adjustments. (Post entries in the order of journal entries presented in the previous question.) Accounts Recevable Beg. Bal 646000 123 40000 (3) V 2518000 13) 2194000 5) 16500 14) 40500 (5) 16500 End, Bal 889500 Allowance for Doubtful Accounts (4) 40500 Bee Bal V 36000 (5) V 16500 End. Bal 12000 (c) . Prepare the journal entry to record bad debts expense for 2018, assuming that aging the accounts receivable indicates that estimated uncollectible accounts receivable are $42.100. (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:) Account Titles and Explanation Debit Credit e Textbook and Media List of Accounts Sorter Attempts: 0 of 2 used Submit