Question 5. (15 marks) At December 31, 1996, Trisha Underwood Imports reported the following information on its balance sheet: During the first quarter of 1997 , the company had the following transactions related to receivables. Required: (1) Prepare the journal entries to record each of these five transactions. Assume that no cash discounts were taken on the collections of accounts receivable. (2) Prepare the journal entry to record bad debts expense for the first quarter of 1997, assuming that an aging of accounts receivable indicates that estimated bad debts are $70,000