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E8-7 Record bad debts, write off, and collection of previously written-off account; calculate net realizable value. (LO 2) AP Accounts receivable transactions are provided below for J Looney Co. Dec. 31, The company estimated that 5% of its accounts receivable would become uncollectible. The balances in the Accounts Receivable account and Allowance for 2016 Doubtful Accounts were $650,000 and $2,300 (debit), respectively. Mar. 5, The company determined that R. Mirza's $3,700 account and D. Wight's $6,900 account were uncollectible. The company's accounts receivable were 2017 $685,000 before the accounts were written off. June 6, Wight paid the amount that had been written off on March 5. The company's accounts receivable were $641,000 prior to recording the cash receipt for Wight. 2017 Instructions (a) Prepare the journal entries on December 31, 2016, March 5, 2017, and June 6, 2017