Journal Entries for Credit Losses At January 1, the Chesley Company had the following accounts on its books: Accounts Receivable $262,000 Debit Allowance for Doubtful Accounts $15,600 Credit During the year, credit sales were: $1,642,000 and collections on account were: $1,590,000 The following transactions, among others, occurred during the year: Jan. 11 Wrote offJ. Smith's account, Apr.29 Wrote off B. Bird's account, Nov.15 Received $1,200 from B. Bird, to pay a debt that h written off on April 29. This amount is not included in the $1,590,000 col Dec.05 Wrote off D. Finger's account, Dec.31 In an adjusting entry, recorded the allowance for of credit sales for the year. journal Entries for Credit Losses At January 1, the Chesley Company had the following accounts on its books: Accounts Receivable $262,000 Debit Allowance for Doubtful Accounts $15,600 Credit During the year, credit sales were: $1,642,000 and collections on account were: $1,590,000 The following transactions, among others, occurred during the year: Jan.11 Wrote off J. Smith's account, Apr.29 Wrote off B. Bird's account, Nov.15 Received $1,200 from B. Bird, to pay a debt that written off on April 29. This amount is not included in the $1,590,000 col Dec.05 Wrote off D. Finger's account, Dec.31 In an adjusting entry, recorded the allowance for of credit sales for the year. 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