Question 5 Not yet answered Marked out of 100 P Flag question Journal Entries for Credit Losses At January 1, the Griffin Company had the following accounts on its books: Accounts Receivable $127.000 Debit Allowance for Doubtful Accounts 57.800 Credit During the year, credit sales were: $821,000 and collections on account were: $795,000 $2,900 $1,100 The following transactions, among others, occurred during the year: Jan. 11 Wrote off j. Wolf's account Apr.29 Wrote off. Avery's account, Nov.15 Received $1,100 from B. Avery, to pay a debt that had been written off on April 29, in final settlement of the account written off on April 29 This amount is not included in the 5795,000 collections Dec 05 Wrote off D. Wright's account Dec 31 in an adjusting entry, recorded the allowance for doubtful accounts at of credit sales for the year, Required a. Prepare the journal entries to record the credit sales, the collections on account, the transactions and the adjustment b. Show how Accounts Receivable (including the credit balances) and the Allowance for Doubtful Accounts appear on the December 31 balance sheet. General Journal Description Debit Credit Date Dec.31 To record sales revenue for the year. Dec.31 To record collections on account for the year. Jan. 11 To write offJ. Wolf's account. Apr.29 To write off B. Avery's account. Nov.15 To reinstate B. Avery's account for partial recovery. Nov. 15 To record collection from B. Avery. Dec.05 To write-off D. Wright's account. Dec.31 To record allowance for doubtful accounts