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On January 1, 2025, GBC Ltd. had the following account balances: Accounts Receivable $124,500 Less...

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Accounting

On January 1, 2025, GBC Ltd. had the following account balances:

Accounts Receivable $124,500

Less Allowance for Doubtful Accounts 6,400

During 2025, GBC Ltd. had the following transactions relating to accounts receivable.

1. Sales on account $450,000

2. Collections 490,000

3. Write-offs of specific customer accounts 50,000

4. Recovery of accounts previously written off 4,500

Required:

Prepare the journal entries for the above 4 items.

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