Presented below is information for Novak Company. 1. Beginning-of-the-year Accounts Receivable balance was $16,600. 2. Net sales (all on account) for the year were $108,800. Novak does not offer cash discounts. 3. Collections on accounts receivable during the year were $87,500. (a) Prepare (summary) journal entries to record the items noted above. (If no entry is required, select "No Entry" for the account tities and enter O for the amounts. Credit occount titles are outomatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries)