Problem 2: Accounts Receivable and the Allowance Method Use the following to answer questions 1 6 below: Eagles Company had the following beginning balances on January 1, 2022: 1. Accounts Receivable $500,000 2. Allowance for Doubtful Accounts $20,000 (credit balance) Eagles Company had the following sales in 2022: Credit Sales for 2022 $2,500,000 Cash Sales for 2022 $7,500,000 Eagles Company had the following transactions occur relating to accounts receivable during 2022: 1. Eagles collects $2,000,000 of its credit sales from 2021 and 2022 in cash. 2. Cowboys Corporation (a customer) paid Eagles $40,000 for its account. Eagles did not think it was going to receive any payment from Cowboys and wrote off the $40,000 in 2021. 3. Eagles identified $30,000 of accounts receivable as definitely uncollectible and writes them off in 2022. 4. At the end of 2022, Eagles estimates 4% of its accounts receivable balance will not be collectible. 1. Write the journal entry in the space provided to record Eagless credit sales for 2022. 2. Write the journal entry in the space provided to record the credit sales from 2021 and 2022 collected by Eagles in 2022.

3. Write the journal entry or entries in the space provided below necessary to account for Cowboys Corporations payment in 2022 as described above. 4. Write the journal entry or entries in the space provided below necessary to account for the accounts receivable identified as definitely uncollectible and written off in 2022. 5. Write the journal entry or entries to record Eagless estimate for uncollectible accounts in the space provided below. 6. What are the ending balances in accounts receivable and allowance for bad debts accounts at December 31, 2022 (after adjustment)? Please show your work to obtain partial credit. I suggest writing t-accounts if possible.