2. Enter the transactions and the adjusting and closing entries in a general journal (page 6). After each entry, post only to the three accounts named. If an amount box does not require an entry, leave it blank. 3. Determine the net realizable value as of December 31 . Pyle Nurseries used the allowance method to record the following transactions, adjusting entries, and closing entries during the year ended December 31,20 Feb. 9 Received 67% of the $3,200 balance owed by wiley's Waterworks, a bankrupt business, and wrote off the remainder as uncollectible. May 28 Reinstated the account of Amanda Akin, which had been written off in the preceding year, and received $2,121 cash in full settlement. Aug. 16. Wrote off the $5,575 balance owed by jolo XU as uncollectible. Oct. 5 Reinstated the account of Tomi Kennedy which had been written off in the preceding year, and received $3,115 cash in full settiement. Dec. Wrote off the following accounts as uncollectible, in compound entry form: Jacobs \& Wilson, \$11,277: Specialty Landscapes, \$15,014; 28 Kiana Hoyer, $12,819. 31 Based on an aging analysis of the $978,420 of accounts receivable, it was estimated that $48,590 will be uncollectible. Made the adjusting entry. 31 Made the entry to clase the appropriate account to Income Summary. Selected accounts and beginning balances on January 1,20, are as follows: 122.1 Allowance for Doubtful Accounts $41,910 credit 313 Income Summary Page: 6 each entry, post only to the threo accounts 5, and closing entries during the year ended 5. and wrote off the remainder as uncollectible. and recelved $2,121 cash in full settlement. ear, and received $3,115 cash in full settlement. Ason, 511,277; Specialty Landscapes, $15,014