At December 31, 2017, Duffy Dog Imports Inc. reported this information on its balance sheet. Accounts receivable Less: Allowance for doubtful accounts $633,000 42,000 During 2018, the company had the following summary transactions related to receivables and sales. Duffy Dog uses the perpetual inventory system. 1. Sales on account amounted to $2,485,000. The cost of the inventory sold was $2,261,350. 2. Sales returns and allowances with a total sales price of $42,000 and a cost of $38,220 were restored to inventory. 3. Collections of accounts receivable were $2,165,000. 4. Write-offs of accounts receivable deemed uncollectible, $46,600. 5. Recovery of bad debts previously written off as uncollectible, $14,400. Enter the January 1, 2018, balances in Accounts Receivable and Allowance for Doubtful Accounts, post the entries to the two accounts (use T accounts), and determine the balances before any year-end adjustments. (Post entries in the order of journal entries presented in the previous question.) Accounts Receivable Allowance for Doubtful Accounts