Question 3 Allowance for Doubtful Receivables has a credit balance of $20,000 as of January 1,2022. During 2022: Jan 18 Sold merchandise inventory for $500,000. Received $40,000cash, a $100,000 check and a one-year note for $300,000. Mar 01 Wrote-off $12,000 receivables as they became uncollectible (decision in the court of law). May 22 Purchased merchandise inventory for $400,000. Paid $25,000cash, issued a $75,000 check, signed a 10 months note for $150,000, and endorsed the Jan 18th check. June 30 Recorded expense for uncollectible receivables based on 2% of $500,000 net credit sales. Oet I5 Opened a savings account and deposited $600,000 for 10 months at 12%. Required: Journalize the above transactions and all other necessary entries, showing all calculations