Allowance methad entre The following transactions were completed by Wild Trout Gallery during the current fiscal year ended December 31 Reinstated the account of Arlene Gurley, which had been written off in the preceding year as uncollectible. Journalize the receipt of $2,180 cash in full payment of Jan, 19 account Apr. ). Wrote of the $12,490 balance owed by Premier GS Co., which is bankrupt. July 16. Received 25% of the $22,400 balance owed by Hayden Co, a bankrupt business, and wrote off the remainder as uncollectible Nov. 23. Kainatated the account of Harry Carr, which had been written off two years earter as uncollectible, Recorded the recept of 3,555 cash in full payment. wrote of the following accounts as uncollectible (compound entry): Cavey Co, 39,395 Pogle.co, 82,790 : Lake Furniture, 67,420) Meinda Sheyee 82,025. Baued on an analysis of the $1,106,300 of accounts receivable, it was estimated that 546,100 will be uncollectibles. Journalce the adjusting entry Required: 1. Record the January 1 credit balance of $45,800 in aT account presented below in requirement 2b for Allowance for Doubtful Account 2. a. Joumalize the transactions. It an amount box does not require an entry, leave it blank. Noter for the December 31 adjusting entry assume the 106,300 cm in accounts receivable rects the adjustments made during the year Dec 31 Dec 31 2. b. Post each entry that affects the following T accounts and determine the new balances: Allowance for Doubtful Accounts Apr. 3 12,490 Jan. 1 Balance 45,800 Ouly 16 16,800 V Jan. 19 2,180 Dec. 31 21,380 Nov. 23 3,555 Dec. 31 Unadjusted Balance 865 Dec 31 Adjusting Entry 51,535 X Dec. 31 Adjusted Balance Bad Debt Expense Dec 31 Adjusting Entry Fodek 3. Determine the expected net 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 estimated expense of Yx of 1% of the sales of $6,830,000 for the year, determine the following: 3. Bad debt expense for the year b. Balance in the allowance account after the adjustment of December 31 Expected net realizable value of the accounts receivable as of December 31 (arter all of the adjustments and the Lusting entry)