Crane Ltd. began operations in January 2023. On December 31, 2023, the end of its first year of operations, the balance in the company's Accounts Recelvable account was $135,000. All of the cornpany's sales are made on account, and during 2023, 30%6 of the total credit sales were collected, and no accounts were written off as uncoliectible. Cranes management grouped its receivabies based on credit risk cheracteristics, including geogrophic location and the iength of time the receivables have been outstanding, and estimated the expected rate of credit losses for each group. Based on this, manegement estimated that the expected total credit losses would be $13,500. During the following year, 2024. Crane had sales totalling $1,034,000. It collected 759 of these sales, together with 95% of the outstanding receivables from 2023. During 2024, the compary wrote off $18,700 of receivables from custorners whose accounts were determined to be uncollectible. During the year, the company also recovered $2,900 from customers whose accounts had previously been written off. (Note that thls amount was not included in the collection figures given above) Management determined that the expected total credit losses would be $23,550. 20 se. (To recognize the credit losses) 2024 (To record-creditsales) (To record cash collected from customers) (To write off accounts judged uncollectible) (To reinstate an account that was previously written off) (To record subsequent collection of accounts that were previously written off) (To recognize the credit losses) Last saved 1 second ago. Ssved work will be uuto-subrittted on the due date. Auto. submission can take up to 10 minutes