Problem 4 At December 31, 2020 Laurel Co.'s balance in Accounts Receivable was $200,000 and the balance in Allowance for Doubtful Accounts was $4,000. During 2021 the company had credit sales of $1,000,000. She collected $850,000 on her accounts receivable during 2021. Laurel wrote off $3,000 of accounts receivable during 2021. Laurel estimates that 2% of the receivables will never be collected. Prepare all journal entries and T-Accounts for 2021 related to the receivables, including any year-end adjustment. Show how this information will appear on the financial statements and calculate the accounts receivable turn and the average collection period