During the current Year, Bobs Ceramics Shop had sales revenue of $162,000, of which $63,000 was on credit. At the start of the current year, Accounts Receivable showed a $24,000 debit balance, and the Allowance for Doubtful Accounts showed a $1,700 credit balance. Collections of accounts receivable during the current year amounted to $56,000. Data during the current year follows: a. On December 31, an Account Receivable (Tobys Gift Shop) of $1,600 from a prior year was determined to be uncollectible; therefore, it was written off immediately as a bad debt. b. On December 31, on the basis of experience, a decision was made to continue the accounting policy of basing estimated bad debt losses on 2.0 percent of credit sales for the year. Required: 1. Prepare the required journal entries for the two items on December 31, end of the accounting period. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)