During Burns Company's first year of operations, credit sales totaled $142,000 and collections on credit sales totaled $106,000. Burns estimates that bad debt losses will be 2.0% of credit sales. By year-end, Burns had written off $310 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