Question 8 At December 31, 2016, Sheridan SA reported the following information on its statement of financial position. Accounts receivable Less: Allowance for doubtful accounts R$978,190 71,520 During 2017, the company had the following transactions related to receivables. 1. 2. R$3,339,990 54,680 2,850,760 3. Sales on account Sales returns and allowances Collections of accounts receivable Write-offs of accounts receivable deemed uncollectible Recovery of bad debts previously written off as uncollectible 4. 90,490 5. 25,240 Prepare the journal entries to record each of these five transactions. Assume that no cash discounts were taken on the collections of accounts receivable. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) No Account Titles and Explanation Debit Credit 1. 2. 3. 4. 5. (To record recovery of bad debts). (To record amount received)