Problem 8-02A (Part Level Submission) At December 31, 2021, Pharoah Imports reported this information on its balance sheet. Accounts receivable Less: Allowance for doubtful accounts $558,400 39,000 During 2022, the company had the following transactions related to receivables. 1. Sales on account $2,015,000 2. Sales returns and allowances 65,100 3. Collections of accounts receivable 1,715,000 4. Write-offs of accounts receivable deemed uncollectible 42,000 5. Recovery of bad debts previously written off as uncollectible 14,000 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. (Omit cost of goods sold entries.) (Credit account tities are automatically indented when amount is entered. Do not indent manually.) No. Account Titles and Explanation Debit Credit 1. Accounts Receivable 2015000 Sales Revenue 2015000 2. Sales Returns and Allowances 65100 Accounts Receivable 65100 3. Cash 1715000 Accounts Receivable 1715000 4. Allowance for Doubtful Accounts 42000 Accounts Receivable 42000 5. Accounts Receivable 14000 Allowance for Doubtful Accounts 14000 (To reinstate account previously written off) Cash 14000 14000 Accounts Receivable (To record collection of accounts receivable) Your answer is correct. 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 Bal. 558400.00 (2) 65100.00 2015000.00 ||| (3) 1715000.00 (5) 14000.00 ||4) 42000.00 I (5) 14000.00 Bal. 751300.00 ||| Allowance for Doubtful Accounts 42000.00 || Bal 39000.00 (5) 14000.00 I Bal v 11000.00 Prepare the journal entry to record bad debt expense for 2022, assuming that aging the accounts receivable indicates that estimated bad debts are $52,000. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit Bad Debt Expense Allowance for Doubtful Accounts