Problem 8-1A At December 31, 2018, Concord Corporation reported the following information on its balance sheet. Accounts receivable $942,000 76,000 Less: Allowance for doubtful accounts During 2019, the company had the following transactions related to receivables. 1. Sales on account 2. Sales returns and allowances 3. Collections of accounts receivable $3,629,860 46,000 2,760,000 93,000 29,000 4. Write-offs of accounts receivable deemed uncollectible 5. Recovery of bad debts previously written off as uncollectible Prepare the journal entries to record each of these five transactions. Assume that no cash discounts were taken on the collections of accounts rece indented when amount is entered. Do not indent manually.) No Account Titles and Explanation Debit Credit 1. Accounts Receivable 3629860 Sales Revenue 3629860 2. Sales Returns and Allowances 46000 Accounts Receivable 46000 3. Cash 2760000 Accounts Receivable 2760000 4. Allowance for Doubtful Accounts 93000 Accounts Receivable 93000 5. Accounts Receivable 29000 Allowance for Doubtful Accounts 29000 (To reverse account previously written off.) Cash 29000 Accounts Receivable 29000 (To record the collection of accounts receivable.) in the order of journal entries presented in the previous Accounts Receivable Bal. V 942000 (2) 46000 (1) v 3629860 (3) 2760000 (5) v 29000 (4) v 93000 (5) v 29000 Bal. v Allowance for Doubtful Accounts (4) v 93000 Bal. v (5) v 29000 Bal. V Prepare the journal entry to record bad debt expense for 2019, assuming that an aging of accounts receivable indicates that expected bad debts are $100,860. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit SHOW LIST OF ACCOUNTS