Problem 8-1A (Part Level Submission) At December 31, 2018, Concord Corporation reported the following information on its balance sheet. Accounts receivable Less: Allowance for doubtful accounts $942,000 76,000 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 4. Write-offs of accounts receivable deemed uncollectible 5. Recovery of bad debts previously written off as uncollectible $3,629,860 46,000 2,760,000 93,000 29,000 (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. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) No Account Titles and Explanation Debit Credit 1. Accounts Receivable Sales Revenue 3629860 2. Sales Returns and Allowances 46000 Cash 2760000 PU Accounts Receivable 2760000 4. Allowance for Doubtful Accounts 3000 Accounts Receivable 93000 Accounts Receivable 29000 Allowance for Doubtful Accounts 29000 (To reverse account previously written off.) Cash Accounts Receivable T 29000 (To record the collection of accounts receivable.) Click if you would like to Show Work for this question: Open Show Work (b) Your answer is correct. Enter the January 1, 2019, balances in Accounts Receivable and Allowance for Doubtful Accounts, post the entries to the two accounts (use T-accounts), and determine the balances. (Post entries in the order of journal entries presented in the previous part.) Accounts Receivable Yeal. 901 15 3629860 T 942000)| (2) 3629860|(3) 29000|||(4) liT (5) 1672860 46000 2760000 93000 29000 LU 29000 T IT "Bal. Allowance for Doubtful Accounts T(4) T 000 76000 93000||Bal. (5) Bal. T T T 29000 12000 Bal. Click if you would like to Show Work for this question: Open Show Work (d) x Your answer is incorrect. Try again. Compute the accounts receivable turnover for 2019, assuming the expected bad debt information provided in (c). (Round answer to 2 decimal places, e.g. 25.25.) Accounts receivable turnover ratio 2.741 times Click if you would like to Show Work for this question: Open Show Work