Allowance method entries The following transactions were completed by Wild Trout Gallery during the current fiscal year ended December 31: January 19. April 3. July 16. Reinstated the account of Arlene Gurley, which had been written off in the preceding year as uncollectible. Journalized the receipt of $1,790 cash in full payment of Arlene's account. Wrote off the $10,260 balance owed by Premier GS Co., which is bankrupt. Received 25% of the $18,400 balance owed by Hayden Co., a bankrupt business, and wrote off the remainder as uncollectible. November 23. Reinstated the account of Harry Carr, which had been written off two years earlier as uncollectible. Recorded the receipt of $2,920 cash in full payment. December 31. Wrote off the following accounts as uncollectible (compound entry): Cavey Co., $7,715; Fogle Co., $2,290; Lake Furniture, $5,890; Melinda Shryer, $1,665. December 31. Based on an analysis of the $908,500 of accounts receivable, it was estimated that $39,500 will be uncollectible. Journalized the Required: adjusting entry. 1. Record the January 1 credit balance of $37,600 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 $908,500 balance in accounts receivable reflects the adjustments made during the year. Jan. 19 Jan. 19 Apr. 3 July 16 0000 0 00 00 00 Preins Next