Journal Entries for Credit Losses At January 1, the Griffin Company had the following accounts on its books: Accounts Receivable $130,000 Debit Allowance for Doubtful Accounts 57,000 Credit During the year, credit sales were $810,000 and collections on account were $794,000. The following transactions, among others, occurred during the years Jan Wrote off. Wolls account $2.000 Apr.29. Wote off 8. Avery's account, 51.000 Nov.15 Received 51,000 from B. Avery to pay a debt that had been written off Apr 29. This amount is not included in the $704,000 collections Dec 05 Wrote off. Wrights account 52.250 Decal In an adjusting entry.recorded the allowance for doubtful accounts at 19 of credit sales for the your Required 2. 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 General Journal Description Debit Credit Date Dec 31 . $ To record sales revenue for the year. Dec.31 . To record collections on account for the year. Jan. 11 . To write off). Wolf's account. > Apr 29 To write off B. Avery's account. Nov. 15 > . To reinstate B. Avery's account Nov 15 To record collection from B. Avery Dec.05 . e To write-off D. Wright's account Dec 31 To record allowance for doubtful accounts, b. 5