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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 $O$ for the amounts. List all debit entries before credit entries.$)$

Account Titles and Explanation

Debit

Credit

Accounts Receivable

$($To record sales$)$

$($To record cash collected from customers$)$

Allowance for Expected Credit Losses

$($To write off accounts receivable$)$

Allowance for Expected Credit Losses

$($To reinstate an account that were previously

written off$)$

$($To record recovery of account that were

previously written off$)$

Allowance for Expected Credit Losses

$($To recognize the credit losses$)$

$($To recognize the credit losses$)$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.$