Allowance method entries The following transactions were completed by Wild Trout Gallery during the current fiscal year ended December 31 : account. Apr. 3. Wrote off the $13,040 balance owed by Premier GS Co., which is bankrupt. July 16. Received 25% of the $23,400 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 $3,710 cash in full payment. Dec. 31. Wrote off the following aocounts as uncollectible (compound entry): Cavey Co., $9,805; Fogle Co., $2,910; Lake Furniture, $7,485; Melinda Shryer, $2,115. Dec. 31. Based on an analysis of the $1,154,600 of accounts receivable, it was estimated that $50,200 will be uncollectible. Journalized the adjusting entry. Required: 1. Record the January 1 credit balance of $47,800 in a T account presented below in requirement 2b for Allowance for Doubtful Accounts. 2. b. Post each entry that affects the following T accounts and determine the new balances: 3. Determine the expected net realizable value of the accounts receivable as of December 31 (after all of the adjustments and the adjusting entry). $7,130,000 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)