Accounts Receivable $130,000 Debit Allowance for Doubtful Accounts $8,000 Credit During the year, credit sales were: $1,173,000 and collections on account were: $1,175,000 The following transactions, among others, occurred during the year: Feb.17 Wrote off R. Lowells account, $4,000 May.28 Wrote off G. Boyds account, $2,400 Oct.13 Received $600 from G. Boyd, who is in bankruptcy proceedings, in final settlement of the account written off on May 28. This amount is not included in the $1,175,000 collections. Dec.15 Wrote off K. Marshalls account. $1,600 Dec.31 In an adjusting entry, recorded the allowance for doubtful accounts at 0.9% of credit sales for the year