At December 31, 2017, Oak Ridge Imports Inc. reported this information on its balance sheet. Accounts receivable $595,000 Less: Allowance for doubtful accounts 41,000 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 $2.414,000. The cost of the inventory sold was $ 1.979,480 2. Sales returns and allowances with a total sales price of $ 41,000 and a cost of $33,620 were restored to inventory 3. Collections of accounts receivable were $ 2,091,000. 4. Write-offs of accounts receivable deemed uncollectible, $46,500. 5. Recovery of bad debts previously written off as uncollectible, $ 15,500 entered. Do not indent manually If no entry is required, select "No Entry" for the account titles and enter O for the amounts) (To record cost of sales on 3