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Journal Entries for Credit Losses At the beginning of the year, Whitney Company had the following accounts on its books: Accounts Receivable $130,000 Debit Allowance for Doubtful Accounts $8,000 Credit During the year, credit sales were: $1,173,000 and collections on account were: $1,175,000 The following transactions, among others, occurred during the year: $4,000 $2,400 Feb.17 Wrote off R. Lowell's account, May.28 Wrote off G. Boyd's account, Oct.13 Received $600 from G. Boyd, who is in bankruptcy proceedings, in final settlement of the account written off on May 28. This amount is not included in the $1,175,000 collections. Dec.15 Wrote off K. Marshall's account. $1,600 0.9% Dec.31 In an adjusting entry, recorded the allowance for doubtful accounts at of credit sales for the year. a. Prepare journal entries to record the credit sales, the collections on account, and the preceding transactions and adjustment. b. Show how Accounts Receivable and the Allowance for Doubtful Accounts would appear on the December 31 balance sheet. Credit $ Debit 1,173,000 Ov $ 0 1,173,000 ~ 1,175,000 o O 1,175,000 4,000 ~ 0 ~ O 4,000 2,400 0 0 2,400 General Journal Date Description Dec.31 Accounts Receivable Sales Revenue To record sales revenue for the year. Dec.31 Cash Accounts Receivable V To record collections on account for the year. Feb.17 Allowance for Doubtful Accounts Accounts Receivable - R. Lowell To write off R. Lowell's account. May.28 Allowance for Doubtful Accounts Accounts Receivable - G. Boyd To write off G. Boyd's account. Oct.13 Accounts Receivable - G. Boyd Allowance for Doubtful Accounts To reinstate G. Boyd's account for partial recovery. Oct.13 Cash Accounts Receivable - G. Boyd To record collection from G. Boyd. Dec.15 Allowance for Doubtful Accounts Accounts Receivable - K. Marshall To write-off K. Marshall's account. Dec.31 Bad Debts Expense Allowance for Doubtful Accounts To record allowance for doubtful accounts. 600 0 0 600 600 0 600 0 1,600 ~ ov 1,600 105,570 X Ov O 105,570 x $ Accounts Receivable Less: Allowance for Doubtful Accounts 120,000 10,557 X 109,443 x $