Question 4 Accounts Receivable (12 marks): Lockdown Limited reported the following information on its balance sheet: Accounts Receivable, 1 October 2020 Allowance for Doubtful Accounts, 1 October 2020 Allowance for Doubtful Accounts, 30 September 2021 $1,000,000 (50,000) (70,000) During the year ended 30 September 2021, the business journalised the following transactions: Sales on account (terms 5/10 net 30) Sales returns and allowances Sales discounts Discounts lost Cash received from customers Write-offs of accounts receivable deemed uncollectible Cash received from recovered write-offs $2,000,000 40,000 30,000 20,000 2,100,000 60,000 20,000 REQUIRED: (a) Prepare the T-account for Allowance for Doubtful Accounts, noting the following: Ignore GST for this problem. (5 marks) . (b) Prepare the required adjusting journal entry on 30 September 2021. (2 marks) (C) . . With reference to the transactions journalised by the business, were all the transactions relating to sales and accounts receivable? If no, comment on: which transaction(s) does/do not relate sales and accounts receivable; what the identified transaction(s) does/do relate to; and where in the SOCI the identified transaction(s) would be disclosed. If yes, comment on: what would cause a sales discount; what would cause a sales return and allowance; and what would cause a discounts lost. Your answer for each comment should not exceed one sentence. Each sentence should be a maximum of 10 words. (2 marks) (d) Calculate the average collection period for accounts receivable (i.e., days in accounts receivable) for the year ended 30 September 2021. Comment on your result