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= Links Ltd has been in business for several years and has the food information for its operations which ended December 31, 2020 1 2 3 4 Total sales for the year were $3.550.000 ton court The company estimates bad debts to be 5% of credit des Links Ltd began the year with 5630,000 insanda normal credit to the actor doubtful accounts of 581.000 Links Ltd writes of customer accounts that has been outstanding for more than 120 days. During the year accounts with a carrying amount of 572.000 reached the 120 day markand were wort The company uses a collection agency to try to collect accounts that have been written ort The collection agency was able to collect 523.000 from customers who had previously been written oft During the year the company collected $1.830.000 of mounts receivable 5 6 (a) Your answer is partially correct Prepare a summary journal entry for the credit sales and journal entries to record the above transactions on the books of Linksted on December 31, 2020 (Credit accountities are automatically indented when amount is entered. Do not indent manually. If entry is required, select "No Entry for the account titles and enter o for the amounts) ount Titles and Explanation Debit Credit ccounts Receivab $2.500 Sales Revenue 522130.000 record credit sales) debts Ex 5550 Allowance for Doubtful Account 59550 recognize the bad debts expense) Howance for Doubt Account 572000 Account Receivable write off accounts judged uncollectible) 100 counts Rective 000 Allowance for Douth Account reinstate an account that was previously ten off) 331000 as wrong 523000 Accounts Receivable Accounts Receivable 572000 write off accounts judged uncollectible) ccounts Receivable $23.000 Allowance for Doubtful Accounts $23.000 reinstate an account that was previously ten off) Lash is wrong $23.000 523.000 Accounts Receivable record subsequent collection of accounts t were previously written off) Cash is wrong $1.830.000 Accounts Receivable 51.830.000 record collection of accounts receivable) eTextbook and Media List of Accounts Attempts 2 of 2 used (b) Your answer is partially correct. Calculate the Dec. 31, 2020 balances for Accounts receivable and the Allowance for doubtful accounts. 858.000 Accounts Receivable $ 153.850 Allowance for Doubtful Accounts eTextbook and Media List of Accounts Attempts: 1 of 2 used Submit Answer Save for Later