The accounts of Quickly Company provided the following $20$X$4$ information at $31$ December:

Accounts receivable balance $ $730,000($dr$.)$

Allowance for sales discounts $6,800($cr$.)$

Allowance for doubtful accounts $53,000($cr$.)$

In fact, the allowance for sales discounts is not needed at the end of $20$X$5$ and aging shows that the allowance for doubtful accounts should be $$80,600.$

Required:

$1.$ Prepare journal entries to adjust all allowances. $($If no entry is required for a transaction$/$event$,$ select $"$No journal entry required" in the first account field.$)$

$2.$ By how much have these entries changed earnings?

$3.$ What is the net balance of accounts receivable that will be included on the SFP$?$