Allowance method entries The following transactions were completed by Wild Trout Gallery during the current fiscal year ended December 31: Reinstated the account of Arlene Gurley, which had been written off in the preceding year as uncollectible. Journalize the receipt of $2,030 cash in full payment of Jan. 19. account. Apr. 3. Wrote off the $11,630 balance owed by Premier GS Co., which is bankrupt. July 16. Received 40% of the $20,900 balance owed by Hayden Co., a bankrupt business, and wrote off the remainder as uncollectible. Nov. Reinstated the account of Harry Carr, which had been written off two years earlier as uncollectible. Recorded the receipt of $3,310 cash in full payment. 23. Dec. 31. Wrote off the following accounts as uncollectible (compound entry): Cavey Co., $8,750 ; Fogle Co., $2,600 ; Lake Furniture, $ 6,680 ; Melinda Shryer, $1,890. Dec. 31. Based on an analysis of the $1,028,100 of accounts receivable, it was estimated that $44,700 will be uncollectible. Journalize the adjusting entry. Required: 1. Record the January 1 credit balance of $42,600 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 $1,028,100 balance in accounts receivable reflects the adjustments made during the year. Jan. 19-reinstate Accounts Receivable-Arlene Gurley 2,030 Allowance for Doubtful Accounts 2,030 Jan. 19-collection Cash 2,030 Accounts Receivable-Arlene Gurley 2,030 Apr. 3 Allowance for Doubtful Accounts 11,630 Accounts Receivable-Premier GS Co. 11,630 July 16 Cash 8,360 Allowance for Doubtful Accounts Accounts Receivable-Hayden Co. Nov. 23-reinstate Accounts Receivable-Harry Carry Allowance for Doubtful Accounts Nov. 23-collection Cash Accounts Receivable-Harry Carr lll l Llull LIIIII Dec. 31-write-off Allowance for Doubtful Accounts Accounts Receivable-Cavey Co. Accounts Receivable-Fogle Co. Accounts Receivable-Lake Furniture Accounts Receivable-Melinda Shryer Dec. 31-adjusting Bad Debt Expense Allowance for Doubtful Accounts