Information :

C&N Ltd, is a manufacturer that makes all sales on a 30-days credit terms. Annual sales are approximately $25 million. At the end of 2016 accounts receivable were presented in the company's Balance Sheet as below:

Accounts Receivable $2,350,000 Less: Allowance for Doubtful accounts $70,000

During 2017, $740,000 in accounts receivable were written off as uncollectible. Of these amounts written off, receivables totaling $24,000 were unexpectedly collected. At the end of 2017, an aging of accounts receivable indicated a need for an $80,000 allowance to cover possible failure to collect the accounts currently outstanding.

C&N Ltd makes adjusting entries in its accounting records only at year end.

Question:

Prepare one journal entry to summarize all accounts written off against the allowance for doubtful accounts in 2017. (8 marks)