Current Attempt in Progress

At January $1,2024,$ Tarjee Inc. reported the following information on its statement of financial position:

Accounts receivable

$$530,000$

Allowance$-$for expected credit losses

$40,000$

During $2024,$ the company had the following summary transactions for receivables:

Sales on account, $$1,930,000$; cost of goods sold, $$1,061,500$; return rate, $5\%$

Selling price of goods returned, $$76,000$; cost of goods returned to inventory, $$41,800$

Collections of accounts receivable, $$1,700,000$

Write$-$offs of accounts receivable deemed uncollectible, $$53,000$

Collection of accounts previously written off as uncollectible, $$12,000$

After considering all of the above transactions, total estimated uncollectible accounts, $$32,000$

$(1)$ Prepare T accounts for Accounts Receivable and Allowance for Expected Credit Losses, $(2)$ enter the opening balances, $(3)$ post the above summary entries, and $(4)$ determine the ending balances. $($Post entries in the order of journal entries presented in the previous part.$)$

Allowance for Expected Credit Losses