Belmont Klothing Designs started the current year with the following account Belmont reported credit sales of $1,252,000 for the current year and recorded balances related to its customer accounts. sales returns and allowances of $41,300 (sales value). Assume the sales were on account. The company collected $53,000 on account and determined that a Click the icon to view the t-accounts.) $40,000 account due from Olivia Company was uncollectible. Read the requirements Ignore the effects cost of goods sold and inventory. (Record debits Requirement a. Prepare the journal entries to credit sales and sales returns for the current year. o first, then credits. Exclude explanations from any journal entries.) First, record the journal entry to credit sales for the current year. Do not record the sales returns. We will record the sales returns in the next step Account Current Year Next, prepare the journal entry to credit sales returns for the current year Account Current Year