PLEASE FILL IN BLANKS WITH TYPED ANSWERS. PLEASE DO NOT USE HAND WRITTEN ANSWERS.

Monty Corp's balance sheet at December 31, 2016, included the following. $780,000 24.000 Note receivable Interest receivable Accounts receivable Less: Allowance for doubtful accounts receivable 1.420,000 90.000 1.330.000 $2,134,000 The following occurred in 2017. 1. 2. 3. Monty made sales of $10,520,000.All sales were credit sales. Monty allows some discounts for early payment of receivables and uses the gross method to record sales. Customer accounts of $82.250 were written off during the year. Accounts receivable of $10.620,000 were collected.Collections for the year included $240.000 of accounts on which 2% sales discounts were allowed. $15,000 was received in payment of an account which was written off the books as worthless in 2016. At year-end (December 31, 2017). Monty estimated that its Allowance for Doubtful Accounts needed a balance of $69.000 a This estimate is based on an analysis of aged accounts receivable. The note receivable and related interest were due January 1, 2017 Young collected both, in full, on that date. 4. 5. 6. Prepare all journal entries necessary to reflect the transactions above. (Credit account titles are automatically indented when the 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 Credit 1. 2. . 3. 4. (To record entry to reinstate the accounts receivable) (To record the collection on account) 5. . 6