TheBalance Sheet of GBC Inc. at December 31, 2019, includes the following:

Notes Receivable 300000

Accounts receivable 282100

Less: Allowance for doubtful accounts -47300 $534,800

Transactions in 2020 include the following:

1. Accounts receivable of $137,000 were collected.

2. Customer accounts of $29,200 were written off during the year.

3. An additional $17,600 was received in payment of an account that was written off in 2020.

4. At year end, Allowance for Doubtful Accounts was estimated to need a balance of $53,000. This estimate is based on an analysis of aged accounts receivable. Instructions

Prepare all necessary journal entries for GBC Inc. to reflect the information above and post to the G/L Tee a/c showing the closing balances for both A/R and Allowance for Dou