Prepare journal entries to record each of the five summary transactions for the year 200B.

Afterwards, prepare the journal entry to record bad debt expenses for 200B, assuming that an analysis of accounts receivable indicates that estimated bad debts are $70,000.

Home -Accounting for Credit Losses sheet: k 2 information on its balance Dec 31, 200A, Muzzillo Imports reported the following $1,000,000 Accounts receivable. 60,000 Crless: Allowance for doubtful accounts. During 200B, the company had the following transactions related to receivables. $2,600,000 1. Sales on account 40,000 2. Sales returns and allowances. 3. Collections of accounts receivable 2,300,0 65,000 C4. Write-offs of accounts receivable deemed uncollectible 5 Recovery of bad debts previously written off as uncollectible 25,000 Prepare the journal entries to record each of the five summary transactions for 200B