Intermediate AccountingI Practice quiz 5- Chapter 7 5 Points NAME 1. The December 31, 2016 balance sheet for Campbell, Inc. included the following: Credit -Debit. S 145,000 Accounts receivable Allowance for doubtful accounts Allowance for sales returns and allowances 12,500 7,500 During 2017, the following transactions occurred: Sales on account $760,000. Campbell uses Sales returns and allowances, $37,000 Collections from customers, Accounts written off $15,000. Previously written off accounts of $3,500 were collected. At year-end, the allowance for doubtful accounts was estimated to need a balance equal to 6.5% of the gross ending accounts receivable balance. the gross method for sales recording. s695,000 of which S65,000 qualified for a l% discount. Jounalize the 2017 transactions. Disregard any impact on inventory. (3 points) Date Account Titles Debit Credit