Presented below is information forSheffieldCompany.

1.Beginning-of-the-year Accounts Receivable balance was $24,800.

2.Net sales (all on account) for the year were $107,700.Sheffielddoes not offer cash discounts.

3.Collections on accounts receivable during the year were $88,700.

Prepare (summary) journal entries to record the items noted above.

If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.)

1.

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Are summary journal entries different than standard journal entries?