A trader sold $350,000 worth of goods in June, 2022, on credit with 3 month to pay. The trader normally charge 4% of total credit sales as allowance for bad and doubtful debts. During the month, one customer, who owes the dealer $4,800 went bankrupt and nothing could be recovered. Assuming that the Allowance for Bad Debts account has an opening balance of $2,160 for June, please provide all necessary journal entries and also find the closing balance