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The statement of financial position of Teal Mountain Inc. at December 31, 2019 , includes the following: Notes Receivable $345,000 Accounts Receivable 281,400 Less: Allowance

The statement of financial position of Teal Mountain Inc. at December 31, 2019 , includes the following:

Notes Receivable $345,000

Accounts Receivable 281,400

Less: Allowance for Doubtful Accounts (48,400) $578,000

Transactions in 2020 include the following:

  1. Accounts receivable of $145,900 were collected.
  2. Customer accounts of $41,100 were written off during the year.
  3. An additional $16,800 was received in payment of an account that was previously written off in 2020.
  4. At year end, Allowance for Doubtful Accounts was estimated to need a balance of $51,800. This estimate is based on an analysis of aged accounts receivable

Prepare all necessary journal entries for Teal Mountain Inc. to reflect the information above.

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