The accounts of Quickly Company provided the following 20X4 information at 31 December: Accounts receivable balance Allowance for sales discounts Allowance for doubtful accounts $750,000 (dr.) 7,000 (cr.) 55,000 (cr.) In fact, the allowance for sales discounts is not needed at the end of 20x5 and aging shows that the allowance for doubtful accounts should be $83,000. Required: 1. Prepare journal entries to adjust all allowances. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list View journal entry worksheet No Transaction 1 1 General Journal Allowance for sales discounts Accounts receivable N 2 Accounts receivable Allowance for doubtful accounts 2. By how much have these entries changed earnings? Earnings $ 21,000 3. What is the net balance of accounts receivable that will be included on the SFP? Accounts receivable, net $ 667,000