During Burns Company's first year of operations, credit sales totaled $178,000 and collections on credit sales totaled $124,000. Burns estimates that bad debt losses will be 2.0% of credit sales. By year-end, Burns had written off $490 of specific accounts as uncollectible.

Required:

Prepare all appropriate journal entries relative to uncollectible accounts and bad debt expense.

Show the year-end balance sheet presentation for accounts receivable on a partial balance sheet