Problem 8-2A (Part Level Submission) At December 31, 2016, Kingbird, Inc. Imports reported this information on its balance sheet. I Accounts receivable $630,100 Less: Allowance for doubtful accounts 36,160 2. During 2017, the company had the following transactions related to receivables. 1. Sales on account $2,988,600 Sales returns and allowances 76,392 3. Collections of accounts receivable 2,505,300 4. Write-offs of accounts receivable deemed uncollectible 44,220 5. Recovery of bad debts previously written off as uncollectible 14,700 (a) Your answer is correct. Prepare the journal entries to record each of these five transactions. Assume that no cash discounts were to account titles are automatically indented when amount is entered. Do not indent manually.) No. Account Titles and Explanation Debit Credit 1. Accounts Receivable 2988600 Sales Revenue 2988600 2. Sales Returns and Allowances 763921 (b) Enter the January 1, 2017, balances in Accounts Receivable and Allowance for Doubtful Accounts, post the entries to the two accounts and determine the balances. (P journal entries posted in the previous part) Accounts Receivable >