Prepare a summary journal entry for the credit sales and journal entries to record above transactions on the books of Sunland Ltd. December 31,2024

Sunland Ltd. has been in business for several years and has the following information for its operation which ended December 31 , 2024: 1. Total sales for the year were $3,490,000, of which 60% were on account. 2. The company estimates that total expected credit losses at December 31, 2024 will be $94,230. 3. Sunland Ltd. began the year with $660,000 in accounts receivable and a normal credit to the allowance for expected credit losses of $73,000 4. Sunland Ltd. Writes off customer accounts that have been outstanding for more than 120 days. During the year, accounts with a carrying amount of $70,000 reached the 120-day mark and were written off: 5. The company uses a collection agency to try to collect accounts that have been written off. The collection agency was able to collect $24,000 from customers whose accounts had previously been written off. 6. During the year the company collected $1,840,000 of its accounts receivable. Prebare a summanviournal entrv for the credit sales and journal entries to record the above transections on the bools of 5 unland no