P8-2A. Journal Entries for Credit Losses At the beginning of the year, Portal Company had the followin accounts on its books: Accounts receivable ......... Allowance for doubtful accounts..... $140,000 (debit 8,000 (credit) P8-5 During the year, credit sales were $1,173,000 and collections on account were $1,175,000. The follow- ing transactions, among others, occurred during the year: Feb. May Oct. 17 Wrote off R. Lowell's account, $4,000. 28 Wrote off G. Boyd's account, $3,400. 13 Received $600 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 $1,175,000 collections, 15 Wrote off K. Marshall's account, $1,600. 31 In an adjusting entry, recorded the allowance for doubtful accounts at 0.9 percent of credit sales for the year. Dec. Required a. Prepare journal entries to record the credit sales, the collections on account, and the precau transactions and adjustment. b. Show how Accounts Receivable and the Allowance for Doubtful Accounts would appear December 31 balance sheet. halin reference Description Debit Credit 17-Feb 28 May 13-Oct 13-Oct 31-Dec