ment Question 1 of 3 0.7/3 At January 1, 2022. Munchies Imports Inc. reported this information on its balance sheet Accounts receivable Less Allowance for doubtful accounts $504,000 32.000 Durint 2022, the company had the following summary transactions related to receivables and sales. Munchies uses the perpetu inventory system. Munchies expects a retum rate of 3% Sales on account amounted to $2.000.000. The cost of the inventory sold was $1.600.000 Goods with a total sales price of 532.000 and a cost of $25.600 were restored to liventory Collections of accounts receivable were $1.760 000 Write-offs of accounts receivable deemed uncollectible, 536.000 Recovery of bad debits previously written oftasuncollectible, $12,000 1 2 3 4 5 Your Ave Correct Answer 28 90 so FE DD 14 1 - $ 4 2 3 % 5 6 & 7 8 9 0 Q W E R T Y U 1 O P S D F G H J KL Z C . N. M 1 . of Question 1 of 3 0.7/3 Prepare the journal entries to record each of these five transactions. (List al 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 Accounts Receivable Credit 1 3.000.000 2.000.000 (To record sales) Cestat Gold 1.000.000 Biomaterary Return 400.000 (To record cost of the merchandise sold) 2 Powe (to record sales and alowances 90 . OP $ 4 % 5 A 6 8 7 1 0 2 3 8 9 Q W LU R T 0.7/3 Estimated Inventory Returns (To record cost of sales on sales retums) Ch 3 1.760.000 Accounts Receivable 176.000.000 4. Allowance Doubtful Account 36.000 Accounts Receivable 32.000 5 Reconcible 12000 12.000 Allowance to the Accounts (To reverse write-off of account receivable) Can 12 000 12,000 ASE (To record recovery of uncollectible mount) Textbook and Media Assistance Used List of Accounts 83 DO 2 2 * $ 4 % 5 6 & 7 00. > 0 9 M Q W E R T Y U I O P S D F G H J L N BN ? ? M 1 * 36 s