Problem 8-2A (Part Level Submission) At December 31, 2016, Kingbird, Inc. Imports reported this information on its balance sheet. Accounts receivable $630,100 Less: Allowance for doubtful accounts 36,160 During 2017, the company had the following transactions related to receivables. 1. Sales on account $2,988,600 2. Sales returns and allowances 76,392 3. Collections of accounts receivable 2,505,300 4. Write-offs of accounts receivable deemed uncollectible 44,220 5. Recovery of bad debts previously written off as uncollectible 14,700 (a) Your answer is partially correct. Try again. Prepare the journal entries to record each of these five transactions. Assume that no cash discounts account titles are automatically indented when amount is entered. Do not indent manually- No. Account Titles and Explanation Debit Credit 1. Accounts Receivable 2988600 Sales Revenue 2988600 2. Sales Returns and Allowances 76392 2988600 Accounts Receivable 2988600 Sales Revenue 76392 2. Sales Returns and Allowances 76392 Accounts Receivable 25053001 3. Cash 2505300 Accounts Receivable 44220 4. Allowance for Doubtful Accounts 44220 Accounts Receivable 14700 x 5. Cash > 14700 Accounts Receivable (To reinstate account previously written off) 992788 Bad Debt Expense X 992788 X Cash