At December 31, 2017, Page Imports Inc. reported this information on its balance sheet. Accounts receivable $581,000 Less: Allowance for doubtful accounts 43,000 During 2018, the company had the following summary transactions related to receivables and sales. Page uses the perpetual inventory system. 1. Sales on account amounted to $2,375,000. The cost of the inventory sold was $2,185,000. 2. Sales returns and allowances with a total sales price of $37,000 and a cost of $34,040 were restored to inventory. 3. Collections of accounts receivable were $2,055,000. 4. Write offs of accounts receivable deemed uncollectible, $47,500. 5. Recovery of bad debts previously written off as uncollectible, $15,900. Prepare the journal entry to record bad debts expense for 2018, assuming that aging the accounts receivable indicates that estimated uncollectible accounts receivable are $42,300. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Account Titles and Explanation Accounts Receivable Allowance for Doubtful Accounts Tmthanks and Mndin Debit Credit