2. b. Post each entry that affects the following T accounts and determine the new balances! estimated expense of k of 1% of the sales of 115,000,000 for the vear, determine the fultewing: 3. Determine the expected net realirable volue of the accounts recelvable as of December 31 (after ail of the adjustments and the adjusting entry). s. 4. Assuming that instead of basing the provision for uncollectuble accounts on an anatysis of receivabies the adjusting entry on December 31 had been based on an. estimated expense of k of 1% of the sales of $15,800,000 for the yeat, determine the follawing: a. Bad debt expense for the year. 1 b. Balance in the allowance account after the adjustment of December 31 . c. Expected net realizable value of the accounts receivable as of December 31 (after all of the adjustments and the adjustang entry). 3an. 19-collection Apr, 3 July 16 Nov, 23-reinstate Nov. 23-collection Dec. 31-wnte-off Entries Rekated to Uncollectible Accounts The follewing transactions were completed by The Wild Trout Gallery during the current fiecal year ended December 31 : Jan. 19 Reinstated the account of Arlene Gurtey, which had been wraten off in the preceding year as uncollectible. Jeurnalized the receipt of $2,660 cash in full parment of Arlene's account. Apr. 3 Wrote off the $12,750 balance owed by Premier 65CO, which is bankrupt. July 16 Received 25% of the $22,000 balance owed by Hayden C1, a bankrupt business, and wrote of the remainder as uncollectiele. Nov. 23 Reinstated the account of Harry Cart, which had been weitten off two vears earlicr as uncedectible. Reccorded bhe receipt of s4, 000 cash in fuil payment. Dec: 31 Wrote off the following accounts as uncollectible (one entry): Cavey Co, $3,300; Fogle Co, $8,100; Lake Furniture, $11,400; Melinda Shryes, $1,200. 31 Based on an analysis of the $2,350,000 of accounts receivable, it was estimated that $60,000 will be uncolectiole. Jaurnalized the adjusting entry