Pronghorn Corp

At December 31, 2016, Pronghorn Corp Imports reported this information on its balance sheet. Accounts receivable Less: Allowance for doubtful accounts $632,300 36,420 During 2017, the company had the following transactions related to receivables. 2 3. Sales on account Sales returns and allowances Collections of accounts receivable Write-offs of accounts receivable deemed uncollectible Recovery of bad debts previously written off as uncollectible $2.931,300 107,220 2,578,700 42,440 16.490 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 titles are automatically indented when amount is entered. Do not indent manually.) No. Account Titles and Explanation Debit Credit 1. 2. 3. 4. 5. (To reinstate account previously written off) 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. (Post entries in the order of journal entries posted in the previous part) Accounts Receivable