Journal Entries for Credit Losses At January 1, the Griffin Company had the following accounts on its books: During the year, credit sales were $810,000 and collections on account were $794,000. The following transactions, among others, occurred during the year: 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 and the Allowance for Doubtful Accounts appear on the December 31 balance sheet