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Homework Bad Debts OBERMEYER At December 31, 2018, Obermeyer Imports reported the following information on its balance sheet Accounts receivable $250,000 Less: Allowance for doubtful accounts 20,000 During 2018, the company had the following transactions related to receivables. 1. Sales on account $2,500,000 2. Sales returns and allowances 55,000 3. Collections of accounts receivable 2,225,000 4. Write-offs of accounts receivable deemed uncollectible 15,000 5. Recovery of bad debts previously written off as uncollectible 3,000 Instructions (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. (b) Prepare the journal entry to record bad debt expense for 2018, assuming that an aging of accounts receivable indicates that estimated bad debts are $26,000