Journal Entries for Credit Losses At January 1, the Griffin Company had the following accounts on it books: Accounts Receivable Allowance for Doubtful Accounts $130,000 Debit $7:200 Credit During the year, credit sales were: $851,000 and collections on account were: $794,000 The following transactions, among others, occurred during the year Jan.11 Wrote off J. Wolf's account, Apr.29 Wrote off B. Avery's account Nov.15 Received $1,400 from B. Avery, to pay a debt that had been written off on $3,200 $1,400 April 29, in final settlement of the account written off on April 29, This amount is not included in the $794,000 collections Wrote off D. Wright's account In an adjusting entry, recorded the allowance for doubtful accounts at of credit sales for the year Dec.os $2,500 Dec.31 196 Required a. Prepare the journal entries to record the credit sales, the collections on account, the transactions and