Question 1 ( 20 points) On January 1st, ABC company had accounts receivables of $50,000 and Allowance for Doubtful Accounts credit balance of $5,000 Cash balance of $90,000, Inventory balance of 186,000 . During the year ABC had the following transactions: a) Sales of 280,000(200,000 on account and $80,000 cash). The cost of the goods sold equaled 99,000 . b) ABC had collections on Accounts receivable of 40,000 c) ABC recorded the bad debt expense using the % of receivables method. 3% of receivables. d) ABC determined one of its customers would not pay and wrote off $1,000 of outstanding receivables. e) The customer later paid the $500 of the $1,000 outstanding receivables. Using the information above, please calculate the following balances after all journal entries are recorded: Note: Do not use commas or periods in your answer. 1) Accounts Receivable 2) Allowance for Doubtful Accounts. 3)Inventory 4)Cost of goods sold 5) Cash 6) Sales 7) Bad Debt Expense 8) Net Accounts Recelvable