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On January 1, 2025, GBC Ltd. had the following account balances:
Accounts Receivable $124,500
Less Allowance for Doubtful Accounts 6,400
During 2025, GBC Ltd. had the following transactions relating to accounts receivable.
1. Sales on account $450,000
2. Collections 490,000
3. Write-offs of specific customer accounts 50,000
4. Recovery of accounts previously written off 4,500
Required:
Prepare the journal entries for the above 4 items.
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