Journalize the above transactions. On December 31, 2023, Pharoah Company reported the following information in its financial

 Journalize the above transactions.

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On December 31, 2023, Pharoah Company reported the following information in its financial statements: Accounts receivable Allowance for expected credit losses Credit losses $1,193,300 83,531 82,331 During 2024, the company had the following transactions related to receivables: 1. Sales were $10,556,000, of which $8,444,800 were on account. 2. Collections of accounts receivable were $7,290,000. 3. Writeoffs of accounts receivable were $80,000. 4. Recoveries of accounts previously written off as uncollectible were $8,500. (Note that this amount is not included in the collections referred to in item 2 above.) On December 31, 2023, Pharoah Company reported the following information in its financial statements: Accounts receivable Allowance for expected credit losses Credit losses $1,193,300 83,531 82,331 During 2024, the company had the following transactions related to receivables: 1. Sales were $10,556,000, of which $8,444,800 were on account. 2. Collections of accounts receivable were $7,290,000. 3. Writeoffs of accounts receivable were $80,000. 4. Recoveries of accounts previously written off as uncollectible were $8,500. (Note that this amount is not included in the collections referred to in item 2 above.)