During Burns Companys first year of operations, credit sales totaled $146,000 and col-lections on credit sales totaled $108,000. Burns estimates that bad debt losses will be 1.5% of credit sales. By year-end, Burns had written off $330 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.