Sunland Ltd has been in business for several years and has the following information for its operations which ended December :
Total sales for the year were $ of which were on account.
The company estimates that total expected credit losses at December will be $
Sunland Ltd began the year with $ in accounts receivable and a normal credit to the allowance for expected credit losses of $
Sunland Ltd writes off customer accounts that have been outstanding for more than days. During the year, accounts with a carrying amount of $ reached the day mark and were written off.
The company uses a collection agency to try to collect accounts that have been written off. The collection agency was able to collect $ from customers whose accounts had previously been written off.
During the year the company collected $ of its accounts receivable.
Prepare a summary journal entry for the credit sales and journal entries to record the above transactions on the books of Sunland Ltd on December
