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Journal Entries for Credit Losses ournal Entries for Credit Losses At January 1,...

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Accounting

Journal Entries for Credit Losses

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ournal Entries for Credit Losses At January 1, the Griffin Company had the following accounts on its books: Accounts Receivable Allowance for Doubtful Accounts $7,100 Credit $129,000 Debit During the year, credit sales were: $841,000 and collections on account were: $824,000 The following transactions, among others, occurred during the year: Jan.11 Wrote off J. Wolf's account, Apr.29 Wrote off B. Avery's account Nov.15 Received $1,300 from B. Avery, to pay a debt that had been written off on $3,100 $1,300 April 29, in final settlement of the account written off on April 29. This amount is not included in the $824,000 collections. Wrote off D. Wright's account, In an adjusting entry, recorded the allowance for doubtful accounts at of credit sales for the year Dec.05 $2,450 Dec.31 1.1% 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 (including the credit balances) and the Allowance for Doubtful Accounts appear on the December 31 balance sheet

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