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 57,200 Credit During the year, credit sales were: $851.000 and collections on account were: 5794,000 $3,200 51.400 The following transactions, among others, occurred during the year: Jan 11 Wrote off. 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 April 29, in final settlement of the account written off on April 29. This amount is not included in the $794,000 collections Dec.os Wrote of D. Wright's account Dec 31 in an adjusting entry, recorded the allowance for doubtful accounts at of credit sales for the year $2.500 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 General Journal Description Debit Credit Date Dec 31 5 $ To record sales revenue for the year. Dec 31 To record collections on account for the year. To write of Wolfs account Apr 29 e To write off B. Avery's account Nov.15 To reinstate B. Avery's account for partial recovery Nov.15 e To record collection from B. Avery Dec OS . . To write-off D. Wright's account Dec 31 To reinstate B. Avery's account for partial recovery. Nov. 1 To record collection from B. Avery Decos e To write-off Wright's account Dec . To record allowance for doubtful accounts, $