Explanation Accounts Receivables: The amount that is due to customers on the credit sales of goods or services. These receivables are generally collected within a time period of 30 to 90 days, as agreed by both the parties. Journalizing: Journalizing is the process of recording the transactions of an organization in a chronological order. Based on these journal entries recorded, the accounts are posted to the relevant ledger accounts. Accounting rules for journal entries: To increase balance of the account: Debit assets, expenses, losses and credit all liabilities, capital, revenue and gains. To decrease balance of the account: Credit assets, expenses, losses and debit all liabilities, capital, revenue and gains. a. Entry for recording the credit sales for the year, and ignorance of COGS and the reduction of inventory is: Date Account Title and Explanation Post ref. Debit ($) Credit ($) Accounts receivable 1,253,000 …..Sales 1,253,000 (being credit sale recorded for the year) Table (1) Since, accounts receivables is an asset for the company, it is increased. Hence, accounts receivables account is debited. Since, sales is outgoing of stock or inventory present in the company, it is decreased. Hence, sales account is credited. Entry for receiving the sales returns for the current year: Date Account Title and Explanation Post ref. Debit ($) Credit ($) Sales return and allowance 41,200 …..Accounts receivable 41,200 (being sales return recorded) Table (2) Since, sales return and allowance is the return back of inventory in the company, stock is increased. Hence, sales return and allowance account is debited. Since, accounts receivable is asset for the company, it is decreased. Hence, accounts receivable account is credited. b. Entry for collection of accounts receivable is: Date Account Title and Explanation Post ref. Debit ($) Credit ($) Cash 56,000 …..Accounts receivable 56,000 (being collection of amount recorded) Table (3) Since, cash is an asset for the company, it is increased. Hence, cash account is debited. Since, accounts receivable is asset for the company, it is decreased. Hence, accounts receivable account is credited. c. Entry for write off accounts for uncollectable amounts is: Date Account Title and Explanation Post ref. Debit ($) Credit ($) Allowance for uncollectable accounts 35,000 …..Accounts receivable 35,000 (being uncollectable amount written off) Table (4) Since, allowance for uncollectable accounts is an expense, it is increased. Hence, allowance for uncollectable accounts is debited. Since, accounts receivable is asset for the company, it is decreased. Hence, accounts receivable account is credited. d. Entry for the bad debt expense which provision at the rate of 4% of net credit sales is: Date Account Title and Explanation Post ref. Debit ($) Credit ($) Bad-debts expense (Working note) 48,472 …..Allowance for uncollectable accounts 48,472 (being provision of bad debt recorded) Table (5) Since, bad debt is an expense for the company, it is increased...