1. 1. On December 31, 20X1, the company reported a debit balance of $200,000 in accounts receivable and a credit balance of $5,000 in the allowance for expected credit losses. December 31 is the companys reporting date. During 20X2, the company had the following transactions:

a. The company made a credit sale of $300,000.

b. The company collected accounts receivable for 350,000.

c. The company wrote off the uncollectible accounts for $12,000.

d. The company collected the receivable of $4,000 that had been written off previously.

Required

Prepare journal entries to record the above four transactions.

Assume that 2% of the companys accounts receivable cannot be collected, prepare the adjusting journal entry at the end of 20X2.