PART V(60 POINTS) On January 1 of the current year, Neptune, Inc. had the following accounts on its books: Accounts Receivable Allowance for Doubtful Accounts $240,000 8,000 (debit) (credit) Required: 1. Prepare general journal entries for the following transactions that occurred during the year: a. During this year, credit sales were $1,200,000 b. Collections on account were $1,160,000. c. Wrote off N. Purcell's account, $6,800. d. Wrote off J. Stein's account, $2,400. 6. Stein, who is in bankruptcy, paid $800 in final settlement of the account written off in transaction (d). This amount is not included in the $1,160,000 collections. f. On December 31, estimated the year's bad debts expense at 1% of credit sales. 2. Show how Accounts Receivable and the Allowance for Doubtful Accounts would appear on the year-end balance sheet. Suggestion: Post the above transactions and January 1 balances to T-accounts for Accounts Receivable and Allowance for Doubtful Accounts