WPS Office Menu 1111111111111111111111.pdf x + v Hand Tool W 120% Select Tool Edit Coment PDF to Office PDF to Picture Annotate Rotate Thumbnail a Navigation K < 4/0 > > Home Insert Comment Edit Page Protect Tools 4/6 HQ Auto Scroll Read Mode Background Screen Grab Search Highlight" Note" Question 3 (1.0 marks) At December 31, 2020, Datu Medical reported the following information on its statement of financial position Accounts Receivable Less: Allowance for doubtful accounts $960,000 $80,000 During 2020, the company had the following transactions related to receivables 1. Sales on account 2. Sales returns and allowances $4,300,000 $100,000 $2,810,000 1 3. Collections of accounts receivable 4. Write-offs of accounts receivable deemed uncollectible 5. Recovery of bad debts previously written- off as uncollectible Required: $90,000 $31,000 1. Prepare the journal entries for each transaction. Assume that no cash discounts were taken on the collections of accounts receivable (0.5 marks) 2. Enter 1 January, 2020, balances in Accounts Receivable and Allowance for Doubtful Accounts, post the entries to the two accounts (use T-account), and determine the ending balances (0.25 marks) 3. Prepare the journal entry to record bad debt expense for 2020, assuming that an aging of accounts receivable indicates that expects bad debts are. $120,000 (0.25 marks) 120% Go Premium e | # 0 0