XYZ Company had $50,000 in accounts receivable at the end of 2014. He had a $200 credit balance against bad debt accounts. The company uses 2% of accounts receivable (balance sheet approach) as an estimate for doubtful receivables. Post the entry in the ledger for the bad receivables expense.

XYZ set off $300 of accounts receivable that was deemed uncollectible in 2015 . Prepare a journal entry to record the collection.