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View Policies Current Attempt in Progress At December 31, 2021, Cullumber Imports reported this information...

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Accounting

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View Policies Current Attempt in Progress At December 31, 2021, Cullumber Imports reported this information on its balance sheet. Accounts receivable Less: Allowance for doubtful accounts $640,000 41,000 During 2022, the company had the following transactions related to receivables. 1. 2. 3. 4. 5. 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 $3,060,000 50,000 2,760,000 42,000 20,000 (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. (Omit cost of goods sold entries.) (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Debit Credit No. Account Titles and Explanation 1. 2 3. 4. 5. (To reinstate account previously written off) (To record collection of accounts receivable)

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