Question 5: At December 31, 2019, ABC Co. reported the following information on its Balance Sheet: Doubtful Receivable $100,000 Allowance for D/R $ 60,000 During 2020, the company had the following transactions related to receivable. 1. Sales made on account $2,500,000 2. Collections of accounts receivables $2,100,000 3. Write-offs of accounts receivables $ 75,000 4. Receivables proved to be doubtful $ 120,000 5. Recovery of doubtful receivables $ 150,000 Prepare the journal entries to record each of the above transactions. Open the accounts, enter the balances and post the transactions