Paper company's total annual sales in 2015 were $1.5billion. It was determined by the accountant staff that the allowance for doubtful accounts balance at year-end should be 2% of annual sales. Down below is the year-end of accounts receivable and allowance for doubtful accounts (prior to any adjustments):

Balance at year end before adjustments: $320,000,000 (debit) (account receivable), and $8,000,000 (credit) (allowance).

1. Prepare adjusting journal entry to reflect allowance balance necessary at year end.

2. what is the net accounts receivable at year-end?