On January 1st of the current year, Venus, Inc. had the following accounts on its books: Accounts Receivable $300,000 (debit) During this year, credit sales were $1,400,000 and collections on account were $1,160,000 On December 31st, before any adjusting entries are posted, Venus Inc. had a $7,500 credit balance in the Allowance for Doubtful Accounts. Prepare general journal entries for the following transactions that occurred during the year:

1. Wrote off L. Beam's account, $5,000

2. Wrote off N. Power's account, $3,400

3. N. Power, who is in bankruptcy, paid $900 in final settlement of the account written off in transaction.

4. On December 31, estimated the year's bad debts expense at 2% of credit sales.