Problem 9-3 At December 31, 20X0 Laurel Co.'s balance in Accounts Receivable was $200,000 and the balance in Allowance for Doubtful Accounts was $4,000. During 20X1 the company had credit sales of $1,000,000. She collected $850,000 on her accounts receivable during 20X1. Laurel wrote off $3,000 of accounts receivable during 20X1. Laurel estimates that 2% of the receivables will never be collected. Prepare all journal entries and T-Accounts for 20X1 related to the receivables, including any year-end adjustment. Show how this information will appear on the financial statements