Blue Company had the following transactions during the month. Prepare journal entries to record these transactions. Blue Company uses the percent of receivables method of accounting for uncollectible accounts and a perpetual inventory system. The normal beginning balances (1/1/2021) for Accounts Receivable was $372,000 and for Allowance for Doubtful Accounts was $40,920. 1) Merchandise costing $3,330,000 was sold on account for $5,900,000. 2) The company collected $5,650,000 from customers on account. 3) $120,000 of accounts receivable were deemed uncollectible and written off. 4) At year-end, Lily Company estimates that 12% of its accounts receivable are uncollectible