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Part B - is wrong, please help.. Prepare the journal entries to record all of the 2 0 2 4 transactions, including the adjustment for

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Part B - is wrong, please help..
Prepare the journal entries to record all of the 2024 transactions, including the adjustment for credit losses at year end. (Credit
account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the
account titles and enter 0 for the amounts. List all debit entries before credit entries.)
Account Titles and Explanation
Debit
Credit
Accounts Receivable
(To record sales)
Cash
Accounts Receivable
(To record cash collected from customers)
Allowance for Expected Credit Losses
(To write off accounts receivable)
Accounts Receivable
Allowance for Expected Credit Losses
(To reinstate an account that were previously
written off)
Cash
Accounts Receivable
(To record recovery of account that were
previously written off)
Credit Losses
Allowance for Expected Credit Losses
(To recognize the credit losses)(b)
Your answer is partially correct.
Show how the accounts receivable section of the statement of financial position at December 31,2024, would be presented.
Oriole Equipment Sales Company
Statements of Financial Position (Partial)
As at December 31,2024
Allowance for Expected Credit Losses
$
Accounts Receivable, NetCurrent Attempt in Progress
Oriole Equipment Sales Company, which sells only on account, had a $139,000 balance in its Accounts Receivable and a $5,400
balance in its Allowance for Expected Credit Losses on December 31,2023. During 2024, the company's sales of equipment were
$826,000, and its total cash collections from customers were $794,000.
During year, the company identified customers with accounts totalling $6,000 that would be unable to pay and wrote these
receivables off. However, one of these customers subsequently made a payment of $860.(Note that this amount is not included in the
cash collections noted above.) At the end of 2024, management grouped its receivables based on credit risk and estimated the
expected rate of credit losses for each group. Based on this, management determined that the total expected credit losses would be
$8,520.
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