435-6A Recording receivables transactionsOn November 1, 2024, Recchi Company showed the following account balances:AccountDebitCreditAccounts receivable$35,000Allowance for doubtful accounts$2,000During the next fiscal year, the following events occurred:a.)Consulting revenuesfor the year were $425,000. 95% were on account, 5% were cash sales.b.)Collections for the year were $375,000.c.)$5,000 was added to thetotal accounts receivable due to interest on overdue accounts.d.)Writeoffs of uncollectible accounts totaled $3,500.e.)One of the accounts written off in part d.) was collected: $750.f.)On October 31, 2025(the companys fiscal-year end), using the aging-of-receivables method, the allowance for doubtful accounts was estimated to be $3,500.Required:a.)Record journal entries based on the summary events above.b.)Show how net receivables will be presented on the October 31, 2025balance sheet