Prepare journal entries to record the following transactions that occurred for this company in its second year of operations. Year 2 sales on account: $5,700,000. Year 2 collections of accounts receivable: $5,900,000. Year 2 write-offs: $44,000 Year 2 reinstatements and subsequent collections of reinstated accounts: $29,000 12/31/Y2: Year-end adjustment to record estimated uncollectible accounts at 4% of credit sales.

Directions: Prepare all journal entries, post to accounts, and show the year-end balance sheet presentation of accounts receivable. Calculate the NRV after each transaction listed above.