Journal Entries for Credit Losses At the beginning of the year, the Dallas Company had the following accounts on its books: Accounts Receivable $264,000 Debt Allowance for Doubtful Accounts $16.500 Credit During the year, credit sales were $2,346,000 and collections on account were $2,350,000. The following transactions, among others, occurred during the year: Feb.17 Wrote off R St. John's account, $7,500 May 28 Wrote off G Herberger's account $4800 Oct 13 Received 1,200 from G. Herberger who is in bankruptcy proceedings in final settlement of the account written off on May 28 This amount is not included in the $2,350,000 collections Dec 15 Wrote off R. Cancy's account, Dec 31 In an adjusting entry, recorded the allowance for doubtful accounts 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 credit sales for the year. Dec.31 To record collections on account for the year. Feb. 17 To write off R. St. John's account. May.28 To write off G. Herberger's account. Oct.13 To reinstate G. Herberger's account for partial recovery. Oct.13 To record collection from G. Herberger. Dec. 15 To write-off R. Clancy's account. Dec.31 To record allowance for doubtful accounts To record collection from G. Herberger. Dec. 15 To write-off R. Clancy's account. Dec.31 To record allowance for doubtful accounts. b. Do not use negative signs with your answers. Accounts Receivable Less: Allowance for Doubtful Accounts Please answer all parts of the question. Previous Save Answers