south america fig. 7 India flights Financial Accounting, Seventh Canadian Edition by Kimmel, Weygandt, Kleso, Trenholm, Irvine, and Burnley Help System Announcements 06:14 PM / Remaining 85 Question 25 At December 31, 2017, Toy Co Imports Inc. reported this information on its balance sheet. Accounts receivable $644,000 Less: Allowance for doubtful accounts 40,000 During 2018, the company had the following summary transactions related to receivables and sales. Toy Co uses the perpetual inventory system 1. Sales on account amounted to $2.715,000. The cost of the inventory sold was $2,443,500. 2. Sales returns and allowances with a total sales price of $41,000 and a cost of $36,900 were restored to inventory 3. Collections of accounts receivable were $2,393,000. Write-offs of accounts receivable deemed uncollectible, $44,900, S. Recovery of bad debts previously written off as uncollectible, $15,100. 4 (a) Prepare the journal entries to record each of these five transactions. Assume that no cash discounts were taken on the collections of accounts receivable Indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account title and enter for No. Account Tities and Explanation Debat Credit 1 (To record sales) To record cost of the merchandise MacBook Air 10 S80 sa 9 A & 7 8 $ % 5 6 # 3 4 2 U Y T R E W Q H