Ignore everything thats already filled in. Pleaze do the whole chart again using the list of accounts provided
Wildhorse L.td. began operations in January 2023. On December 31. 2023, the end of its first year of operations, the balance in the compary's Accounts Receivable account was $126,000. All of the company's sales are made on account, and during 2023,80% of the total credit sales were collected, and no accounts were written off as uncollectible. Wildhorse's management grouped its receivables based on credit risk characteristics, including geographic location and the length of time the receivables have been outstanding, and estimated the expected rate of credit losses for each group. Based on this, management estimated that the expected total credit losses would be $12,600. During the following year, 2024. Wildhorse had sales totalling $957,000. It collected 75% of these sales, together with 95% of the outstanding receivables from 2023. During 2024, the company wrote off $20,300 of receivables from customers whose accounts were determined to be uncollectible. During the year, the company also recovered $3,400 from customers whose accounts had previously been written off, (Note that this amount was not incloded in the collection figures given above.) Management determined that the expected total credit losses would be $19,625. Prepare the necessary journal entries for recordingall of the preceding transactions in the accounting system of Wildhorse Lit. for 2023 and 2024 . (Credit account titles are automatically indented when amount is entered. Do not indent manuaily, If no enitry is required, select "No Entry" for the occount titles and enter O for the amounts Ust all debit entries before credit entries) Date Account Titles and Explanation 2023 Accounts feceivable Sales Revenue (To record credit sales) Acecounts Recelvable (Fo record cash collected from customers) Bark Charges Expense Bank Loan Payable (Fo recognize the credit losses) (To record credit sales) Cagh Accounts theceividte (To record casis collected from customers) Accouns Areceivable (To write off accounts fudged uncollectible) Debt Cant Expense. ( To reinstate an account that was previously: (8) (To record credit sales) Accounts Receivabie (To record cash collected from customers) BunkCharges Expense Accounts Recelivable (To write off accounts judged uncollectible) 3400 3400 (To reinstate an account that was previously written off) Bank Charges Experise. Banktoan Payable 19625 (To record subsequent collection of accounts that were previously written off) (To recognize the creditlosses) eTextbook and Media List of Accounts Assistance Used List of Accounts Accounts Payable Accounts Receivable Advertising Expense Allowance for Expected Credit Losses Bank Charges Expense Bank Loan Payable Cash Credit Losses Debit Card Expense Income Tax Receivable Insurance Expense Interest Expense Interest Revenue No Entry Notes Payable Notes Receivable Sales Revenue Utilities Expense
