Allowance method entries The following transactions were completed by Wil Trout Gallery during the current fiscal year ended December 31 Jan. 19. Reinstated the account of Arlene Gurley, which had been written off in the preceding year as uncollectible. Journalized the receipt of $1,0cash in full payment of Arlene's account Apr 3. wrote of the $10,860 balance owed by Premier Co, which is bankrupt. July 16. Received 35% of the $19,500 balance owed by Hayden Co, a bankrupt business, and wrote off the remainder as uncollectible Nov. 23. Reinstated the account of Harry Carr, which had been written off two years earlier as uncollectible. Recorded the receipt of $3,000 cash in full payment Dec 31. Wrote off the following accounts as uncollectible compound entry Cavey Co, 8.165Pogle Co, $2.425; Lake Furniture, $ 6.235; Melinda Shyer, 61,760 Dec. Based on an analysis of the 1961.400 of accounts receivable, it was estimated that 441,000 will be uncollectible. Soumatred the adjusting entry 31. Required: 1. Record the January 1 credit balance of $30,000 in a Taccount presented below in requirement for Allowance for Doubtful Accounts 2. a. Joumalize the transactions. If an amount box does not require an entry leave it blank. Noted for the December 31 adjusting entry, assume the $961,400 balance in accounts receivable reflects the adjustments made during the year. Jan. 19 Jan. 19 II ID II II II Apr 3 Check My Wor Next July 16 Ill Nov. 23 Nov. 23 UL Dec. 31 II 11101 ID Dec. 31 2. b. Post each entry that affects the following T accounts and determine the new balances: Allowance for Doubtful Accounts Jan. 1 Balance Dec. 31 Adjusted Balance Bad Debt Expense 3. Determine the rected 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 of 1 of the sale or $5,940,000 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). Next Check My Work All work saved. Save and Submit Assigment for Grad ssignment Score: 33.33% MET BOOK Pro