Prepare the journal entries necessary to record the following transactions
Prepare the journal entries necessary to record the following transactions and economic events for Magnetawan Ltd. (Magnetawan):
a. During 2018, Magnetawan had cash sales of $175,000 and credit sales of $625,000.
b. During 2018, $405,000 of accounts receivable was collected.
c. Management estimated that 5 percent of credit sales wouldn't be collected.
d. During 2018, Magnetawan wrote off $34,000 of accounts receivables.

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