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The balance sheet of Sheffield Company at December 31, 2024, includes the following. Notes receivable $51,200 Accounts receivable 195,600 Less: Allowance for doubtful accounts

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The balance sheet of Sheffield Company at December 31, 2024, includes the following. Notes receivable $51,200 Accounts receivable 195,600 Less: Allowance for doubtful accounts 24,600 $222.200 Transactions in 2025 include the following. 1 Accounts receivable of $151,300 were collected including accounts of $67,500 on which 4% sales discounts were allowed. 2. $5,670 was received in payment of an account which was written off the books as worthless in 2024, 3. 4. Customer accounts of $24,800 were written off during the year. At year-end, Allowance for Doubtful Accounts was estimated to need a balance of $20,900. This estimate is based on an analysis of aged accounts receivable. Prepare all journal entries necessary to reflect the transactions above. (If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries.) No. Account Titles and Explanation 1 Debit Credit 4. At year-end, Allowance for Doubtful Accounts was estimated to need a balance of $20,900. This estimate is based on an analysis of aged accounts receivable. Prepare all journal entries necessary to reflect the transactions above. (If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries.) No. Account Titles and Explanation Debit Credit 1 2. (To reinstate the accounts receivable) 3. (To record the collection on account)

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