11 (9 points) Saved (IA1.1 9 marks) Cuttlefish Company has a December 31 year end and has provided the following information (all accounts have normal balances): Accounts receivable balance January 1, 2019 Allowance for doubtful accounts balance January 1, 2019 Allowance for sales discounts January 1, 2019 Total sales for 2019, net of sales returns (80% on credit) Collections of accounts receivable during 2019 Bad debt write-offs during 2019 $31,500 2,290 2,300 730,000 572,800 2,950 At year end, Cuttlefish estimates that 4% of outstanding accounts receivable was uncollectible and that discounts of 0.25% of sales will be taken. Required: 1. Calculate the 2019 year-end net accounts receivable balance for Cuttlefish. (Show and label your work) (5 marks) 2. Prepare the required year-end adjusting entries based on the information in part 1. (4 marks)