Question 1 of 4 1.58/4 5 View Policies Show Attempt History Current Attempt in Progress At December 31, 2021, Cullumber Imports reported this information on its balance sheet. Accounts receivable $525,000 Less: Allowance for doubtful accounts 34,000 During 2022, the company had the following transactions related to receivables. 1. Sales on account $2,510,000 2. Sales returns and allowances 53,000 3. Collections of accounts receivable 2,210,000 4. Write-offs of accounts receivable deemed uncollectible 44,000 5. Recovery of bad debts previously written off as uncollectible 17,000 Question 1 of 4 1.58 / 4 E No. Account Titles and Explanation Debit Credit 1. Accounts Receivable 2510000 Sales Revenue 2510000 2. Sales Returns and Allowances 53000 Accounts Receivable 53000 3. cash 2210000 Accounts Receivable 2210000 4 Allowance for Doubtful Accounts 44000 Accounts Receivable 44000 5. Accounts Receivable 17000 Allowance for Doubtful Accounts 17000 (To reinstate account previously written off) cash 17000 Accounts Receivable 17000 Question 1 of 4 1.58/4 Your answer is partially correct. Enter the January 1, 2022, 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 Bal. 525,000 (2) 53000 (1) 2,510,000 (3) V 2,210,000 (5) 17000 (4) 44,000 (5) 17000 Bal. V 1210000 Allowance for Doubtful Accounts (4) 44000 Bal. 34000 (5) ... 17000 20 Bal. 7000 Question 1 of 4 2.13/4 = (c) Your answer is partially correct. Prepare the journal entry to record bad debt expense for 2022, assuming that aging the accounts receivable indicates that estimated bad debts are $49,000. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit Bad Debt Expense 49000 Allowance for Doubtful Accounts 7000 e Textbook and Media List of Accounts Save for Later Attempts: unlimited Submit Answer (d 1 ) The parts of this question must be completed in order. This part will be available when you complete the part above