MEGAMAN Company offers credit terms to its customers. At the end of 20X1, accounts receivable totaled $600,000. The allowance method is used to account for uncollectible accounts. The allowance for uncollectible accounts had a credit balance of $22,000 at the beginning of 20X1 and $26,000 in receivables were written off during the year as uncollectible. Also, $1,500 in cash was received in December from a customer whose account previously had been written off. The company estimates bad debts by applying a percentage of 5% to accounts receivable at the end of the year.

(1) Prepare journal entry to record the write-off of receivable.

(2) Prepare journal entry to record the collection of previously written off receivables.

(3) Prepare the year-end adjusting entry for bad debt expense.

(4) How would accounts receivable be shown in the 20X1 balance sheet?