Allowance method entries Instructions Chart of Accounts T-Accounts Journal Final Questions Instructions The following transactions were completed by Irvine Company during the current fiscal year ended December 31: Feb. 8 Received 40% of the $18,500 balance owed by DeCoy Co., a bankrupt business, and wrote off the remainder as uncollectible. May 27 Aug. 13 Oct 31 Reinstated the account of Seth Nelsen, which had been written off in the preceding year as uncollectible. Journalized the receipt of $7,430 cash in tull payment of Seth's account Wrote off the $6,470 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 $3,870 cash in full payment of the account. Wrote off the following accounts as uncollectible (compound entry): Newbauer Co., $7,245; Bonneville Co. $5,595; Crow Distributors, $9,500; Fiber Optics, $1,060. Based on an analysis of the $1,769,500 of accounts receivable, it was estimated that $35,390 will be uncollectible Journalized the adjusting entry Dec. 31 Dec. 31 1. Record the January 1 credit balance of $25,330 in a T-account for Allowance for Doubtful Accounts. 2. A. Journalize the transactions. Refer to the Chart of Accounts for exact wording of account Niles. 8. Post each entry that affects the following selected T-accounts and determine the new balances: Allowance for Doubtful Accounts and Bad Debt Expense 3. Determine the expected out realizable value of the accounts receivable as of December 31 (after all of the adjustments and the adjusting entry) 4. Assuming that instead of busing the provision for uncollectible accounts on an analysis of receivables, the adjusting entry on December 31 had been based on an estimated expense or of 1% of the net sales of $18,430,000 for the year, determine the following: A Bad debe expense for the year B. Balance in the allowance account after the adjustment of December 31. C. Expected not realizable value of the accounts receivabre as of December 31 Book Show Me How Allowance method entries T-Accounts Journal Final Questions Instructions Chart of Accounts T-Accounts 1. Record the January 1 credit balance of $25,330 in a T-account for Allowance for Doubomul Accounts 2. B. Post each enby that affects the following selected T-accounts and determine the new balances: Allowance for Doubtful Accounts and Bad Debt Expense Allowance for Doubtful Accounts Jan 1 Balance Dec 31 Adj. Balance Bad Debt Expense ebook Show Me How Allowance method entries Instructions Chart of Accounts TAccount Journal Final Questions Journal JOURNAL ACCOUNTING DATE DESCRIPTION POST ATT DENT CANDIT 1 7 5 1 . 1 t1 51 11 14 I 15 18 Check My Work Save and Exit MacBook Air Final Questions 3. Determine the expected contemnizable value of the accounts cubir as of December 31 (ater all of the adjustments and the actuning entry 4. Assuming Mut instead of using the provision for uncollectible accounts on an analysis of recevoiles, the mounting entry on December 31 had been based on an estimated expense of of T of the net sales of $18.430,000 for the year, determine the following: A. Badett expense for the years B. Balance in the lowance account after the adjustment of December 31. $ C. Expected not realeable value of the nocourts reconvable as of December 31.8