At December 31, 2017, Oak Ridge Imports Inc. reported this information on its balance sheet. Accounts receivable Less: Allowance for doubtful accounts $549,000 40,000 During 2018, the company had the following summary transactions related to receivables and sales. Oak Ridge uses the perpetual inventory system. 1. Sales on account amounted to $2,277,000. The cost of the inventory sold was $1,935,450. 2. Sales returns and allowances with a total sales price of $37,000 and a cost of $31,450 were restored to inventory. 3. Collections of accounts receivable were $1,953,000. 4. Write-offs of accounts receivable deemed uncollectible, $44,700. 5. Recovery of bad debts previously written off as uncollectible, $14,100. 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 Beg. Bal. 549,000 (2) 37,000 (1) 2,277,000 1,953,000 44,700 End. Bal. Allowance for Doubtful Accounts