An inexperienced accountant made the following entries. In each case, the explanation to the entry is correct.Assume that at 12/31, the correct balance of the Allowance account before adjustment is $-0- Dec. 17 Cash 3,500 60 3,560 27 1,400 1,400 Sales Discounts Accounts Receivable (To record collection of 12/4 sales, terms 2/10, n/30) Cash Bad Debt Expense (Collection of account previously written off as uncollectible under allowance method) Bad Debt Expense Allowance for Doubtful Accounts (To recognize estimated bad debts based on 4% of accounts receivable of $620,000) 31 2,000 2,000 Prepare the correcting entries. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit (To reverse write off of collected account) (To record collection)