Assume that every month, Pharoah Corp. estimates from experience that about $2\%$ of net credit sales will become uncollectible. Pharoah follows IFRS.

If Pharoah has net credit sales of $$360,000$ in January $2023$ what journal entries would it make at the end of January to record loss on impairment for the month? $($Credit account titles are automatically indented when the amouint is entered. Do not indent manually. If no entry is required, select $"$No Entry" for the account titles and enter O for the amounts. List all debit entries before credit entries.$)$

Account Titles

Debit

Credit

$$

$$

$$

$$

$$

$$

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