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Flag this question for future merece Journal Entries for Credit Losses At January 1, the Blake Company had the following accounts on its books: Accounts Receivable $130,000 Debit Allowance for Doubtful Accounts $7,000 Credit During the year, credit sales were $850,000 and collections on account were $794,000. The following transactions, among others occurred during the year Jan. 11 Wrote off. Woll's account, $32000 Apr 29 Wrote off B. Avery's account, $2.000 Nov.15 Received 51.000 from B. Avery to pay a debt that had been written off April 29. This amount is not included in the $75.000 collections Dec 05 Wrote off. Wright's account. $2.50 Dec 31 in an adjusting entry, recorded the allowance for doubt 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 and the Allowance for Doubtful Accounts appear on the December 31 balance sheet mybusiness HW 8 usinessCourse Return to course Show how Accounts Receivable and the Allowance for Doubtful Accounts appear on the Decembe Debit 1850,000 $ 0 Credit 0 850,000 794,000 0 794,000 3,000 0 0 3,000 2,000 0 0 2,000 General Journal Date Description Dec 31 Accounts Receivable $ Sales Revenue To record sales revenue for the year. Dec 31 Cash Accounts Receivable To record collections on account for the year Jan.11 Allowance for Doubtful Accounts Accounts Receivable - J. Wolf To write off J. Wolf's account. Apr 29 Allowance for Doubtful Accounts Accounts Receivable - B. Avery To write off B. Avery's account. Nov.15 Accounts Receivable - B. Avery Allowance for Doubtful Accounts To reinstate B. Avery's account. Nov. 15 Cash Accounts Receivable - B. Avery To record collection from B. Avery Dec.05 Allowance for Doubtful Accounts Accounts Receivable-D. Wright To write-off D. Wright's account. Dec 31 Bad Debts Expense Allowance for Doubtful Accounts To record allowance for doubtful accounts, 4 1.000 0 1,000 1,000 0 0 1,000 2.250 0 2.250 8,500 8,500 b. Correct Mark 1.00 out of 1.00 MacB Accounts Receivable - D. Wright To write-off D. Wright's account. Dec.31 Bad Debts Expense Allowance for Doubtful Accounts To record allowance for doubtful accounts. 8,500 b. $ Accounts Receivable Less: Allowance for Doubtful Accounts 181,300 x 9,250 171,500 x $ Check You have correctly selected 51

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