In 2021, Johnson Companys first year of operations, the following transactions occurred:

1. Inventory costing $425,000 was sold on credit to customers for a total of $675,000. Johnson uses a perpetual inventory system.
2. During the year, Jung wrote off specific customer accounts totalling $5,000
3. Cash was received from customers as payment on account, $300,000
4. Jung estimated that 2.5% of ending accounts receivable would become uncollectible.

Required:

Prepare journal entries to record the above transactions. Date all entries at December 31, 2020. Show supporting calculations for entry (d)