Journal Entries for Credit Losses At the beginning of the year, Whitney Company had the following accounts on its books: Accounts Receivable $132.000 Debit Allowance for Doubtful Accounts 58.900 Credit During the year, credit sales were $1,183,000 and collections on account were: 51.160,000 The following transactions, among others, occurred during the year: Feb. 17 Wrote off R. Lowell's account 53,700 May.28 Wrote off G. Boyd's account $2.500 Oct.13 Received 5700 from G. Boyd, who is in bankruptcy proceedings. in final settlement of the account written off on May 28. This amount is not included in the 51.160,000 collections. Dec.15 Wrote off K. Marshall's account 51.600 Dec.31 in an adjusting entry, recorded the allowance for doubtful accounts at 0.8% of credit sales for the year. Required a. Prepare journal entries to record the credit sales, the collections on account, and the preceding transactions and adjustment b. Show how Accounts Receivable and the Allowance for Doubtful Accounts would 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 Feb 17 To write of Lowell's account May 28 To write ofta Boyds account Oct. 13 equired - Prepare journal entries to record the credit sales, the collections on account, and the preceding transactions and adjustment. Show how Accounts Receivable and the Allowance for Doubtful Accounts would 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. Feb. 17 To write off R. Lowell's account. May 28 To write off G. Boyds account Oct.13 To reinstate G. Boyd's account for partial recovery, Oct.13 To record collection from G. Boyd. Dec 15 To write-off Marshall account Dec 31 To record lowance for doubtful accoun General Journal Description Date Dec.31 Debit Credit To record sales revenue for the year. Dec.31 To record collections on account for the year. Feb. 17 To write off R. Lowell's account. May.28 To write off G. Boyd's account. Oct.13 To reinstate G. Boyd's account for partial recovery. Oct.13 To record collection from G. Boyd. Dec. 15 To write-off K. Marshall's account. Dec.31 Accounts Receivable Accounts Receivable. G. Boyd Accounts Receivable - K. Marshall Accounts Receivable - R. Lowell Allowance for Doubtful Accounts Bad Debts Expense Cash Sales Revenue