Journal Entries for Credit Losses At January 1, the Griffin Company had the following accounts on its books: Accounts Receivable $127,000 Debit Allowance for Doubtful Accounts $7,800 Credit During the year, credit sales were: $821,000 and collections on account were: $795,000 The following transactions, among others, occurred during the year: $2,900 $1,100 Jan.11 Wrote off J. Wolf's account, Apr.29 Wrote off B. Avery's account, Nov.15 Received $1,100 from B. Avery, to pay a debt that had been written off on April 29, in final settlement of the account written off on April 29. This amount is not included in the $795,000 collections. Dec.05 Wrote off D. Wright's account, Dec.31 In an adjusting entry, recorded the allowance for doubtful accounts at of credit sales for the year. $2,250 1% Required a. Prepare the journal entries to record the credit sales, the collections on account, the transactions and the adjustment. b. Show how Accounts Receivable (including the credit balances) and the Allowance for Doubtful Accounts appear on the December 31 balance sheet. a. General Journal Description Debit Credit Date Dec.31 $ 0 $ o o 0 To record sales revenue for the year. Dec.31 0 0 0 0 To record collections on account for the year. Jan.11 O o o o To write off). Wolf's account. Apr.29 0 o o 0 To write off B. Avery's account. Nov. 15 0 oo 0 To reinstate B. Avery's account for partial recovery. Nov.15 0 0 0 0 To record collection from B. Avery. Dec. 05 0 0 0 0 To write-off D. Wright's account. Dec.31 0 o o 0 To record allowance for doubtful accounts. b. $ 0 0 $ 0