Prepare the necessary journal entries for recording all of the preceding transactions in the accounting system of Crane Inc. for 2023 and 2024. (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 credi entries.) 2024 (To record credit sales) (To record cash collected from customers) (To write off accounts judged uncollectible) (To reinstate an account that was previously written off) (To record subsequent collection of accounts that were previously written off) (To recognize the credit losses) Crane Inc. began operations in January 2023. All of the company's sales are made on account. At the end of its first year of operations, the company's trial balance at December 31, 2023, showed a \$71,500 outstanding balance in Accounts Receivable. During 2023, 75\% of the total credit sales were collected, and no accounts were written off as uncollectible. After grouping its receivables based on credit risk characteristics and estimating the expected rate of credit losses for each group, management estimated that total expected credit losses would be $4,290. During the following year, 2024 , Crane had sales totalling $269,000. It collected 80% of these sales, together with 95% of the outstanding receivables from 2023. During 2024, the accounts of seven customers, who owed a total of $4,000, were judged uncollectible and were written off. During the year, the company recovered $3,000 from customers whose accounts had previously been written off. (Note that this amount was not included in the collection figures given above.) After grouping its receivables based on credit risk characteristics and estimating the expected rate of credit losses for each group, the company estimated its total expected credit losses will be $5,980