Problem 8-02A (Part Level Submission) At December 31, 2021, Crane Imports reported this information on its balance sheet. Accounts receivable Less: Allowance for doubtful accounts $639,600 36,000 During 2022, the company had the following transactions related to receivables. 1. 2. 3. 4. 5. Sales on account Sales returns and allowances Collections of accounts receivable Write-offs of accounts receivable deemed uncollectible Recovery of bad debts previously written off as uncollectible $2,650,000 55,000 2,350,000 40,500 15,300 (a) Your answer is correct. Prepare the journal entries to record each of these five transactions. Assume that no cash discounts were taken on the collections of accounts receivable (mit cost of goods sold entries. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) No. Account Tities and Explanation Debit Credit 1. Accounts Receivable 1 2650000 T Sales Revenue 2650000 2. Sales Returns and Allowances 2. Sales Returns and Allowances 55000 Accounts Receivable 55000 3. Tcash 2350000 2350000 Accounts Receivable 2350000 2 4. Allowance for Doubtful Accounts 40500 Accounts Receivable 40500 5. Accounts Receivable 15300 Allowance for Doubtful Accounts 15300 (To reinstate account previously written off) Cash 15300 VL Accounts Receivable 15300 (To record collection of accounts receivable) Your answer is partially correct. Try again. Enter the January 1, 2022, balances in Accounts Receivable and Allowance for Doubtful Accounts, post the entries to the two accounts and determine the balances. (Post entries in the order of journal entries posted in the previous part) Accounts Receivable (1) T 2650000 55000 2350000 15300 T 13) 40500 (5) 2715300 T Ball T 2665300 Ball 2460800 Allowance for Doubtful Accounts 40500 15300 40500 15300