8-3-1

The following transactions were completed by Irvine Company during the current fiscal year ended December 31 Feb. 8 Received 40% of the $17,000 balance owed by Decoy Co., a bankrupt business, and wrote off the remainder as uncollectible. Reinstated the account of Seth Nelsen, which had been written off in the preceding year as uncollectible. Journalized the receipt of $7,405 cash in ful payment of Seth's account Wrote off the $6,460 balance owed by Kat Tracks Co., which has no assets Reinstated the account of Crawford Co., which had been written off in the preceding year as uncollectible. Journalized the receipt of $3,940 cash in full payment of the account Wrote off the following accounts as uncollectible (compound entry) Newbauer Co., $7,095; Bonneville Co., $5,540; Crow Distributors, $9,495; Fiber Optics, $1,035 Based on an analysis of the $1,782,000 of accounts receivable, it was estimated that $35,640 will be uncollectible. Journalized the adjusting entry May 27 Aug. 13 Oct. 31 Dec. 31 Dec. 31 1. Record the January 1 credit balance of $25,615 in a T-account for Allowance for Doubtful 2. A. Journalize the transactions. Refer to the Chart of Accounts for exact wording of account B. Post each entry that affects the following selected T-accounts and determine the new 3. Determine the expected net realizable value of the accounts receivable as of December 31 4. Assuming that instead of basing the provision for uncollectible accounts on an analysis of Accounts balances: Allowance for Doubtful Accounts and Bad Debt Expense (after all of the adjustments and the adjusting entry) receivables, the adjusting entry on December 31 had been based on an estimated expense of of 1% of the net sales of $17,760,000 for the year, determine the following xpense for the year. 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