2 The December 31, 2007 balance sheet of Quayle Company had Accounts Receivable of $500,000 and a credit balance in Allowance for Doubtful Accounts of $33,000. During 2008, the following transactions occurred: Sales on account $1,400,000; Sales returns and allowances, $50,000; Collections from customers, $1,150,000; Accounts written off $35,000; Previously written off accounts of $5,000 were collected. Required: (a) Journalize the 2008 transactions. (b) If the company uses the percentage of receivables basis to estimate bad debts expense and determines that uncollectible accounts are expected to be 4% of accounts receivable, what is the adjusting entry at December 31, 2008