work Help Save & Exit s Check my vw Wilcox Mills is a manufacturer that makes all sales on 30-day credit terms. Annual sales are approximately $30 million. At the end of year 1, accounts receivable were presented in the company's balance sheet as follows dir terms Annual sales are approximately $30 million. At the end of Accounts receivable from clients Less: Allowance for doubtful accounts $3,1e0,eee 80,00e During year 2, $165,000 of specific accounts receivable were written off as uncollectible Of these accounts written off, receivables totaling $15,000 were subsequently collected. At the end of year 2. an aging of accounts receivable indicated a need for a $90,000 allowance to cover possible failure to collect the accounts currentiy outstanding Wilcox Mills makes adjusting entries for uncollectible accounts only at year-end Required: a. Prepare the following general journal entries. (f no entry is required for a transaction/event, select "No journal entry required" in the first account field.) 1. One entry to summarize all accounts written off against the Allowance for Doubtful Accounts during year 2 2. Entries to record the $15,000 in accounts receivable that were subsequently collected. 3. The adjusting entry required at December 31, year 2, to increase the Allowance for Doubtful Accounts to $90.000 View transaction list Journal entry worksheet 2 3 Record the write-offof receivables throughout the year