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. 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 50.000 2.760.000 42,000 15.000 Your answer is correct. Prepare the ournal entries to record each of these five transactions. Assume that no cash discounts were taken on the collections of accounts m e ditatiematematical indented when momento de Romeindenmann No. Account Titles and Explanation Debit Credit Accounts Receivable 3,060,000 250,000 Sales Revenue L Sales Returns and Allowances 50,000 Accounts Receivable 50,000 Cash - 2,760,000 Accounts Receivable) 2.760,000 42.000 Allowance for Doubtful Accounts 42,000 Accounts Receivable 5. Accounts Receivable 15.000 Allowance for Doubtful Accounts (To reinstate account previously written off) 15,000 Cash 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 (1) 3,000,000 2,760,000 (5) 15,000 42,000 15,000 BalL 345,000 Allowance for Doubtful Accounts 42,000 Bal. 35,000 (5) 15.000 8.000 e Textbook and Media List of Accounts Attempts: 3 of 3 used List of Accounts Attempts: 3 of 3 used (c) 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 Explaration Debit Credit e Textbook and Media List of Accounts Save for later Attempts: 0 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 part above