On December 31, 2023, Ajacks Company reported the following information in its financial statements:

Accounts receivable............................................$1,193,400
Allowance for expected credit losses ......................81,648
Credit losses.................................................................80,448

During 2024, the company had the following transactions related to receivables: 

1. Sales were $10,560,000, of which $8,448,000 were on account. 

2. Collections of accounts receivable were $7,284,000. 

3. Writeoffs of accounts receivable were $78,000.

4. Recoveries of accounts previously written off as uncollectible were $8,100.

Required 

a. Prepare the journal entries to record each of the four items above. 

b. Set up T accounts for the Accounts Receivable and the Allowance for Expected Credit Losses and enter their January 1, 2024, balances. Post the entries from part (a) and calculate the new balances in these accounts.
c. Prepare the journal entry to record the credit losses for 2024. Ajacks Company has determined that the length of time a receivable is outstanding is the most appropriate credit risk characteristic for determining expected credit losses, and the company has prepared an aging schedule, which indicates that the expected credit losses as at the end of 2024 total $93,000. 

d. Show what would be presented on the statement of financial position as at December 31, 2024, related to accounts receivable.