McKinney \& Co. estimates its uncollectible accounts as a percentage of credit sales. McKinney made credit sales of $1,500,000 in 2016. McKinney estimates 2.5% of its sales will be uncollectible. At the end of the first quarter of 2017, McKinney \& Co. re-evaluates its receivables. McKinney's management decides that $8,500 due from Mangold Corporation will not be collectible. This amount was previously included in the allowance account. On April 23, 2017, McKinney \& Co. receives a check from Mangold Corporation for $8,500. Required: Prepare the journal entries for McKinney to record the bad debt expense, the write-off and the collection of the account previously written off. Apr 2017