P8.0H At January 1, the Chesley Company had the following accounts on its books: During the year, credit sales were $1,622,000 and collections on account were $1,588,000. The following transactions, among others, occurred during the year: Jan. 11 Wrote off J. Smith's account, $5,600 Apr. 29 Wrote off B. Bird's account, \$2,000 Nov. 15 Received $1,000 from B. Bird to pay a debt that had been written off April 29. This amount is not included in the $1,588,000 collections noted above. Dec. 5 Wrote off D. Finger's account, $4,300 Dec. 31 In an adjusting entry, record the allowance for doubtful accounts at 1% of credit sales for the year. Required: a. Prepare 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
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