Prepare the journal entries to record each of these five transactions. (List all debit entries before credit entries. Credit account titles arar At January 1,2022 , Penny Worth Imports Inc. reported this information on its balance sheet. During 2022, the company had the following summary transactions related to receivables and sales. Penny Worth uses the perpetual inventory system. Penny Worth expects a return rate of 3%. 1. Sales on account amounted to $2,650,000. The cost of the inventory sold was $2,252,500. 2. Goods with a total sales price of $42,400 and a cost of $36,040 were restored to inventory. 3. Collections of accounts receivable were $2,332,000. 4. Write-offs of accounts receivable deemed uncollectible, $47,700. 5. Recovery of bad debts previously written off as uncollectible, $15,900