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During its first year of operations, Summer, Sand, and Castles Resort Inc. had sales of $825,000, all on account. Industry experience suggests that Summer, Sand, and Castles Resort's bad debt expense will be $46,350. Summer, Sand, and Castles Resort ended the year 2019 with accounts receivable of $80,000 and an allowance for uncollectible accounts of $17,500. During 2020, Summer, Sand, and Castles Resort completed the following transactions: 1. Credit sales, $1,030,000 2. Collections on account, $895,000 3. Write-offs of uncollectibles, $15,000 4. Bad debt expense, $46,350 Journalize the 2020 transactions for Summer, Sand, and Castles Resort. Explanations are not required. Start by recording sales revenue. (Record debits first, then credits. Explanations are not required.) Journal Entry Accounts Debit Credit 1 Accounts Payable Accounts Receivable Allowance for Uncollectible Accounts Now r Bad Debt Expense Cash Sales Revenue ir. Now record the collections on account during the year. Journal Entry Accounts Debit Credit 2. 2 Next, record the receivables that were actually written off during the year. Journal Entry Accounts Debit Credit 3 Lastly, estimate the uncollectible amount for 2020 sales revenue on account. Journal Entry Accounts Debit Credit 4

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