The company had credit sales of $2,500,000 during the year, its first year of business. The company has estimated that $50,000 of these sales on account will ultimately be uncollectible. In addition, a year-end review of accounts identified that of the $200,000 in accounts outstanding as of the end of the year, $43,000 were worthless because the business customers associated with those accounts had gone bankrupt. Using the allowance method of accounting for bad debt expense, make the journal entries necessary to record (1) bad debt expense for the year and (2) the write-off of uncollectible accounts at the end of the year.