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Entries Related to Uncollectible Accounts The following transactions were completed by The Wild Trout Gallery during the current fiscal year ended December 31 Jan. 19 Reinstated the account of Arlene Gurley, which had been written off in the preceding year as uncollectible Journalized the receipt of $2,440 cash in full payment of Arlene's account Apr 3 Wrote off the $13,980 balance owed by Premier GS Co., which is bankrupt. July 16 Received 45% of the $25,100 balance owed by Hayden co bankrupt business, and wrote off the remainder as uncollectible Nov 23 Reinstated the account of Harry Cars, which had been written off two years earlier as uncollectible. Recorded the receipt of $3,975 cash in full payment Dec 31 Wote of the following accounts as uncollectible (one entry Cavey Co, $10,515: Fogle Co, 3,125, Lake Furniture, $4,030: Melinda Shryer, 52.270 01 Based on an analysis of the $1,237,400 of accounts receivable, it was estimated that $53,800 will be uncollectible, Journabzed the adjusting entry Required: 1. Record the January 1 credit balance of $51,200 in a T account and below in reguitement for Alliance for both Acco 2. Joumalize the transactions. If an amount box does not require an entry, leave blank Note for the December nating an the $1.237.00 accounts receivable reflects the adjustments made durmo they Son 19.collection Apr. 3 July 16 DI III II III II Nov. 23-reinstate 1 Nov. 23.collection Dec 31 write or Dec. 31-adjusting 2. b. Post each entry that affects the following accounts and determine the new balances 2. b. Post each entry that affects the following T accounts and determine the new balances Allowance for Doubtful Accounts jan. 1 Balance Dec 31 Adjusted Balance Bad Debt Expense 3. Determine the expected netrable value of the accounts receivable as of December 31 Call of these and the disting entry) 1. Assuming that instead of being the provision for uncollectible accounts on any obles, the desting entry on December 31 had been on an estimated expense of Wof of the sales of 57,640,000 for the year, determine the following 3. Od debt expense for the year t. Balance in the towance account after the adjustment of December 31 c. Expected net realizable value of the accounts receivables of December 31 (after all of the adjustments and the entry) CHU Expense 3. Determine the expected bet realizable value of the accounts receivable as of December 31 (after all of the adjustments and the adjusting entry) 4. Assuming that instead of basing the provision for uncollectible accounts on an analysis of receivables, the adjusting entry on December 31 had been based on an estimat expense of of 1% of the sales of $7,640,000 for the year, determine the following: a. Bad debt expense for the year. b. Balance in the allowance account after the adjustment of December 31. c. Expected net realuable value of the accounts receivable as of December 31 (after all of the adjustments and the adjusting entry)

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