Allowance method entries Dec 31 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 $1,760 cash in full payment of Jan. 19 account Apr. 3. Wrote off the $10,080 balance owed by Premier GS Co, which is bankrupt. Duly 16. Received 25% of the $18,100 balance owed by Hayden Co, a bankrupt business, and wrote off the remainder as uncollectible Nov. 23. Reinstated the account of Harry Corr, which had been written off two years earlier as uncollectible. Recorded the receipt of $2,870 cash in full payment Wrote of the following accounts as uncollectible (compound entry): Cavey Co., $7,585; Fogle Co., $2,255 : Lake Furniture, $ 5,790 ; Melinda Shryer, $1,635 Dec Based on an analysis of the $894,700 of accounts receivable, it was estimated that $38,900 will be uncollectible. Journalize the adjusting entry 31. Required: 1. Record the January 1 credit balance of $37,000 in a Taccount presented below in requirement 25 for Allowance for Doubtful Accounts 2. a. Journalize the transactions. If an amount box does not require an entry, leave it blank. Note: For the December 31 adjusting entry, assume the $894,700 balance in accounts receivable reflects the adjustments made during the year Jan. 19-reinstate Accounts Receivable-Arlene Gurley 1.700 Allowance for Doubtful Accounts 1,760 1,760 Jan. 19-collection Cash Accounts Receivable-Arlene Gurley 1,760 Apr. 10,080 Allowance for Doubtful Accounts Accounts Receivable-Premier GS Co. 10.080 2. b. Post each entry that affects the following T accounts and determine the new balances Allowance for Doubtful Accounts Apr. 3 July 16 10,080 an 1 Balance 13,575 Jan. 19 17,265 Nov. 23 Dec. 31 1,760 2,870 Dec. 31 Unadjusted Balance Dec. 31 Adjusting Entry Dec. 31 Adjusted Balance Bad Debt Expense Dec. 31 Adjusting Entry 3. Determine the expected not 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 V of 1% of the sales of $5,520,000 for the year, determine the following: a Bad debt expense 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 (after all of the adjustments and the adjusting entry)