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Question 1 View Policies Show Attempt History Current Attempt in Progress At December 31, 2021, Crane Imports reported this information on its balance sheet. Accounts

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Question 1 View Policies Show Attempt History Current Attempt in Progress At December 31, 2021, Crane Imports reported this information on its balance sheet. Accounts receivable Less: Allowance for doubtful accounts $637,000 35,000 During 2022, the company had the following transactions related to receivables. $3,060,000 50,000 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 2.760,000 42.000 15.000 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. Omit cost of goods sold entries.) (Credit account titles are automatically indented when amount is entered. Danot indent manually No. Account Titles and Explanation Debit Credit Accounts Receivable 3,060,000 Sales Revenue 3,060,000 Sales Returns and Allowances 50,000 Accounts Receivable 50,000 Cash 2,760,000 Accounts Receivable 2.760,000 Allowance for Doubtful Accounts 42.000 Accounts Receivable 42,000 5. accounts Receivable 15,000 15,000 Allowance for Doubtful Accounts (To reinstate account previously written off) Cash 15,000 15000 Accounts Receivable (To record collection of accounts receivable) 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. 637,000 50,000 3,060,000 2,760,000 15,000 42,000 15,000 Bal. 845,000 Allowance for Doubtful Accounts 42.000 Bal. 35.000 15.000 Bal - 8.000 e Textbook and Media List of Accounts Atterupts: 3 of 3 used - 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 $47.000. (Credit account titles are automatically indented when amount is entered. Do not indent manually) Account Titles and Explanation Debit Credit Bad Debt Expense 47,000.00 Accounts Receivable 1 4 7,000.00 e Textbook and Media List of Accounts Save for Later Attempts: 1 of 3 used Submit Answer (d1) The parts of this question must be completed in order. This part will be available when you complete the pact above

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