Ivanhoe Ltd$.$ has been in business for several years and has the following information for its operations which ended December $31,2024$:

Total sales for the year were $$3,550,000,$ of which $60\%$ were on account.

The company estimates that total expected credit losses at December $31,2024$ will be $$95,850.$

Ivanhoe Ltd$.$ began the year with $$630,000$ in accounts receivable and a normal credit to the allowance for expected credit losses of $$81,000.$

Ivanhoe Ltd$.$ writes off customer accounts that have been outstanding for more than $120$ days. During the year, accounts with a carrying amount of $$72,000$ reached the $120-$day mark and were written off.

The company uses a collection agency to try to collect accounts that have been written off. The collection agency was able to collect $$23,000$ from customers whose accounts had previously been written off.

During the year the company collected $$1,830,000$ of its accounts receivable.

$($a$)$

Prepare a summary journal entry for the credit sales and journal entries to record the above transactions on the books of Ivanhoe Ltd$.$ on December $31,2024.($Credit account titles are outomatically indented when amount 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 and Explanation

Debit

Credit

Accounts Receivable