11. The trial balance of Peters & Scot Inc. shows a $50,000 outstanding balance in the accounts receivable account at the end of its first year of operations. During the year, 75% of the total credit sales had been col- lected, and no accounts had been charged off as uncollectible. The company estimated that 1.5% of the credit sales would be uncollectible. During the following year, the account of James Cordon, who owed $500, was judged uncollectible and was written off. At the end of the year, the amount previously written off was collected in full from Mr. Cordon. Prepare the necessary journal entries for recording all the preceding transactions in the books of Peters & Scot.