The Maritime Company had the following beginning balances on January 1, 2022:

Accounts Receivable $500,000

Allowance for Doubtful Accounts $20,000 (credit balance)

The Maritime Company had the following sales in 2022:

Credit Sales for 2022 $2,500,000

Cash Sales for 2022 $7,500,000

The Maritime Company had the following transactions occur relating to accounts receivable during 2022:

Maritime collects $2,000,000 of its credit sales from 2021 and 2022 in cash.

Cost Corporation (a customer) paid Maritime $40,000 for its account. Maritime did not think it was going to receive any payment from Cost and wrote off the $40,000 in 2021.

Maritime identified $30,000 of accounts receivable as definitely uncollectible and writes them off in 2022.

At the end of 2022, Maritime estimates 4% of its accounts receivable balance will not be collectible.

1. Write the journal entry in the space provided to record Maritimes credit sales for 2022.

2. Write the journal entry in the space provided to record the credit sales from 2021 and 2022 collected by Maritime in 2022.

3. Write the journal entry or entries in the space provided below necessary to account for Cost Corporations payment in 2022 as described above.