At the beginning of the year, the Dallas Company had the following accounts on its books: Accounts Receivable $264,000 Debit Allowance for Doubtful Accounts $16.500 Credit During the year, credit sales were $2,346,000 and collections on account were $2.350,000. The following transactions, among others, occurred during the year: Feb 17 Wrote off R. St. John's account. May 28 Wrote off G Herberger's account, Oct.13 Received $1,200 from G Herberger, who is in bankruptcy proceedings in final settlement of the account written off on May 28 This amount is not included in the $2.350,000 collections Wrote off R. Clancy's account in anadpisting entry, recorded the allowance for doubtful accounts at of credit sales for the year. Dec 15 Dec 31 Date Dec31 Required 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. Dec 31 Feb 17 General Journal Description To record credit sales for the year To record collections on account for the year To write off R. St John's account D # $7,500 14.800 Debit $5,000 DAN Credit a. Date Dec.31 Dec.31 Feb.17 May.28 Oct.13 Oct.13 Dec.15 Dec.31 General Journal Description To record credit sales for the year. To record collections on account for the year. To write off R. St. John's account. To write off G. Herberger's account. To record collection from G. Herberger. To write-off R. Clancy's account. To record allowance for doubtful accounts. b. Do not use negative signs with your answers. Accounts Receivable Less: Allowance for Doubtful Accounts $ = $ $ ( + + To reinstate G. Herberger's account for partial recovery. 47 4 4) 46 4) 4) 4 ( + 46 47 + Debit $ Credit