The following information pertains to the financial statements of Buffalo Supply Company, a provider of plumbing fixtures to contractors in central Pennsylvania.

Required:

Reconstruct all journal entries pertaining to Gross accounts receivable and Allowance for credit losses for the fiscal year ended October 31, 20X2. Assume that all revenues are from credit sales. Begin by doing a T-account analysis of both accounts, starting with the allowance account.

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Fiscal Years Ended October 31, 20X2 20X1 20X0 From Income Statements $2,969,981 38,610 Revenues $3.519,444 45,753 $3,877,135 50,403 Provision for bad debts From Balance Sheets $ 345,044 $ 362,349 (74,365) $ 287,984 $ 282,855 (47,612) $ 235,243 Gross accounts receivable Less: Allowance for credit losses (54,654) $ 290,390 Net accounts receivable