31 The following transactions were completed by Irvine Company during the current fiscal year ended December 31: Received 35% of the $18.100 balance owed by Feb 8 DeCoy Co., a bankrupt business, and wrote off the remainder as uncollectible Reinstated the account of Seth Nelsen, which had May been written off in the preceding year as 27 uncollectible. Journalized the receipt of S7,300 cash in full payment of Seth's account Aug. Wrote off the S6,350 balance owed by Kat Tracks 13 Co., which has no assets. Reinstated the account of Crawford Co., which had Oct. been written off in the preceding year as 31 uncollectible. Journalized the receipt of $3,865 cash in full payment of the account Wrote off the following accounts as uncollectible Dec. (compound entry): Newbauer Co., 57,105; 31 Bonneville Co., 55.435: Crow Distributors, 89,390; Fiber Optics, S1.075. Based on an analysis of the $1.796,000 of accounts Dec receivable, it was estimated that S35,920 will be uncollectible. Journalired the adjusting entry Record the January 1 credit balance of S26,080 in a T-account for Allowance for Doubtful Accounts. Journalize the transactions. Refer to the Chart of A Accounts for exact wording of account titles. 2. Post each entry that affects the following selected T-accounts and determine the new balances: Allowance for Doubtful Accounts and Bad Debt Expense. Determine the expected net realizable value of the 3. accounts receivable as of December 31 (after all of the adjustments and the adjusting entry) 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 estimated expense of % of 1% of the net sales of $18,260,000 for the year, determine the following 4. A Bad debt expense for the year. Balance in the allowance account after the adjustment of December 31 Expected net realizable value of the accounts receivable as of December 31 1. B B