Problem 8-2A At the beginning of the current period, Munchies Enterprises Ltd. had balances in Accounts Receivable of $2,102,000 and in Allowance for Doubtful Accounts of $139,000 (credit). During the period, Munchies had credit sales of $4,332,000 with cost of goods sold of $3,119,000 and collections of $5,246,000. It wrote off $180,000 of accounts receivable. However, a $25,000 account written off as uncollectible was recovered before the end of the current period. Uncollectible accounts are estimated to total $85,000 at the end of the period. Show the statement of financial position presentation of the receivables at the end of the period. MUNCHIES ENTERPRISES LTD. Statement of Financial Position (partial) Assets $ Prepare the entry to record bad debts expense for the period. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter o for the amounts.) Debit Credit Account Titles and Explanation Bad Debts Expense Allowance for Doubtful Accounts (1) Prepare T accounts for Accounts Receivable and Allowance for Doubtful Accounts, (2) enter the opening balances, (3) post the journal entries prepared above, and (4) determine the ending balances. (Post entries in the order of journal entries presented in the previous question.) Accounts Receivable