Problem 8-02A (Part Level Submission) At December 31, 2021, Ivanhoe Imports reported this information on its balance sheet. Accounts receivable Less: Allowance for doubtful accounts $615,000 35,000 During 2022, the company had the following transactions related to receivables. 1. Sales on account 2. Sales returns and allowances 3. Collections of accounts receivable 4. Write-offs of accounts receivable deemed uncollectible Recovery of bad debts previously written off as 5 uncollectible No. Account Titles and Explanation $3,020,000 50,000 2,720,000 45,000 21,000 Debit Credit 1 Accounts Receivable 3020000 Sales Revenue 3020000 2 Sales Returns and Allowances 50000 Accounts Receivable 500001 3. Cash 2720000 Accounts Receivable 2720000 4. Allowance for Doubtful Accounts 45000 Accounts Receivable 45000 5. ! 210001 Accounts Receivable Allowance for Doubtful Accounts 21000 (To reinstate account previously written off) Cash 210001 Accounts Receivable 21000 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. Accounts Receivable Bal. 615000|| (2) 50000 (1) 3020000||| (3) 2720000 (5) 21000|| (4) 45000 (5) 21000 Bal. 820000 Allowance for Doubtful Accounts (4) ~ 45000 || Bal. 35000 (5) 21000 Bal. 11000 Prepare the journal entry to record bad debt expense for 2022, assuming that aging the accounts receivable indicates that estimated bad debts are $50,000. manually.) Account Titles and Explanation Debit Credit Bad Debt Expense 29000 X Allowance for Doubtful Accounts 29000