Allowance method entries

The following transactions were completed by Irvine Company during the current fiscal year ended December 31 : Feb. 8 Received 45% of the $18,700 balance owed by DeCoy Co, a bankrupt business, and wrote off the remainder as uncollectible. May 27 Reinstated the account of Seth Neisen, which had been writien off in the preceding year as uncollectible. Journalized the receipt of $7,270 cash in full payment of Seth's account. Aug. 13 Wrote oft the $6,360 balance owed by Kat Tracks Co., which has no assets. Oct. 31 Reinstated the account of Crawford Co., which had been written off in the preceding year as uncollectble. Journalized the receipt of $3,975 cash in full payment of the account. Dec: 31 Wrote off the following accounts as uncollectible (compound entry): Newbauer Co., \$7,265; Bonneville Co., \$5,595; Crow Distribuyors, \$9,305; Fiber Optics, \$1,150. Dec. 31 Based on an analysis of the $1,759,500 of accounts receivable, it was estimated that $35,190 will be uncollectible, Journalized the adjusting entry. 1. Record the January 1 credit balance of $25,685 in a T-account for Allowance for Doubtful Accounts. 2. a. Joumalize the transactions. b. 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 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 recoivables, the adjusting entry on December 31 had been based on an estimated expense of 4 of 1% of the sales of $17,710,000 for the year, determine the following: a. for the your. 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 . 1. Record the January 1 credit balance of $25,685 in a T-account for Allowance for Doubiful Accounts. 2b. Post each entry that affects the following selected T-accounts and determine the new balances: Allowance for Doubtful Accounts and 3. Determine the expected netraalizable vahe of the accousts reselvabie as of Decenter 31 (atter all of the actustments and the aojusting entry). I 4. Assuming that instead of basing the provision for uncollectile accounts on an analysis of cactivaties, the adivetry enty on December 3t had been based on an astimated evpense of 14 of two of the saies of $17,710,000 for the yeas, detormine the fottowing: a for the year. b. Balance in the allowance account after the adjustment of December 31 . 6. Expected net reafizable value of the accounts receivatie as of December 31