Allowance method entries

The following transactions were completed by Wild 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. Journalize the receipt of $1,940 cash in full payment of Arlenes account.
Apr. 3.	Wrote off the $11,120 balance owed by Premier GS Co., which is bankrupt.
July 16.	Received 35% of the $19,900 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 $3,160 cash in full payment.
Dec. 31.	Wrote off the following accounts as uncollectible (compound entry): Cavey Co., $8,360 ; Fogle Co., $2,485 ; Lake Furniture, $ 6,385 ; Melinda Shryer, $1,805.
Dec. 31.	Based on an analysis of the $982,100 of accounts receivable, it was estimated that $42,700 will be uncollectible. Journalize the adjusting entry.

Required:

1. Record the January 1 credit balance of $40,700 in a T account presented below in requirement 2b 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 $982,100 balance in accounts receivable reflects the adjustments made during the year.

Required: 1. Record the January 1 credit balance $40.700 in a T account presented below in requirement 2b 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 $982,100 balance in accounts receivable reflects the adjustments made during the year. Jan. 19-reinstate Jan. 19-collection Apr. 3 July 16 Nov. 23-reinstate Nov. 23-collection Dec. 31-write-off Dec. 31-adjusting Dec. 31-adjusting . 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 expected net realizable value of the accounts receivable as of December (after all of the adlustments and the adjusting entry). an estimated expense of %of 1 % of the sales of $6,060,000 for the year, determine the 4. Assuming that instead of basing the provision for uncollectible accounts an analvsis of recelvables, the adlusting entry on December 31 had been based following: , Bad debt expense for the vear b. Balance in the allowance account after the adjustment of December 31 s of December 31 (after all of the adjustments and the adjusting entry). . Expected net realizable value of the accounts receivable