Prepare the journal entry to record bad debts expense for 2018, assuming that aging the accounts receivable indicates that estimated uncollectible accounts receivable are $49,600. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) At December 31, 2017, Oak Imports Inc. reported this information on its bal ance sheet. During 2018, the company had the following summary transactions related to receivables and sales. Oak uses the perpetual inventor? system. 1. Sales on account amounted to $2,355,000. The cost of the inventory sold was $1,813,350. 2. Sales returns and allowances with a total sales price of $41,000 and a cost of $31,570 were restored to inventory. 3. Collections of accounts receivable were $2,066,000. 4. Write-offs of accounts receivable deemed uncollectible, $47,500. 5. Recovery of bad debts previously written off as uncollectible, $14,900. (a) Prepare the journal entries to record each of these five transactions. Assume that no cash discounts were taken on the collections of accounts receivable. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.)