Presented below is information for Coronado Company.

1.		Beginning-of-the-year Accounts Receivable balance was $24,800.
2.		Net sales (all on account) for the year were $107,700. Coronado does not offer cash discounts.
3.		Collections on accounts receivable during the year were $88,700.

Prepare (summary) journal entries to record the items noted above. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.)