Problem #2: Journal the following transactions: June 1 ABC Company made sales of $150,000 on account. June 1 Past data has shown that 4% of ABC Company's receivables are uncollectible. June 15 ABC Company receives cash of $80,000 to pay against the receivables. June 20 ABC Company has to write-off $5,000 of the receivables. June 30 ABC Company receives $5,000 in cash from the customer whose receivable was written off on the 20th