Problem 5-2 (LAA) At the beginning of current year, Template Company showed the following account balances: Accounts receivable Allowance for doubtful accounts 1,000,000 40,000 The following summary transactions occurred during the current year: 1. Sales on account, 2/30, n /30 7.000,000 2. Collections from customers within the discount period 2,450.000 3. Collections from customers beyond the discount period 3,900,000 4. . Accounts receivable written off as worthless 30,000 5. Recovery of accounts previously written off not included in the above collections 10,000 6. Credit memo for sales return 70,000 Required: a. Prepare journal entries pertaining to accounts receivable. b. Prepare the adjustment for doubtful accounts at year-end if the entity uses the percentage of accounts receivable method consistently. c. What is the net realizable value of accounts receivable at year-end