b. Post each entry that affects the following T accounts and determine the new balances: Entries renlated to Uncollectible Accounts The following transactions were completed by The Wild Trost Gallery during the current fucal year ended December 31 : 2an: 19 reinstated the sccount of Arene Guriey, which had been written off in the preceding year as uncollectible: Journalized the receipt of \$2,6\$0 cash in fuil payment of Arlene's sccount. Ade 3 Wrote of the $12,750 balance owed by Premier 65 Co., which is bankrupt: July 16 Received 25% of the 522,000 balance owed by Hayden Co a bankrupt business, snd wrote aff the remainder as uncotectiole Nov. 23 Reinstated the occount of Harry Caer, which had been written off two years earlier as yncollectible, Recorded the receipt of s4,000 cash in full poyment. Dec. 31 Wrote off the folbwing accounts as uncollectible (one entry) Cavey Co, $3,300, fogle Co, 38,100 , Lake Furniture, $11,400, Mellida Shinyer, $1,200. 31 Based an an analytis of the 12,350,000 of accounts receivable, it was estimated that 560,000 wall be uncollect ble. Journaked the adjusting entry Required: 1. Recond the Janusy 1 credt baiance of 550,000 in a 7 account presented below in requirement 20 for Alfowance for Doustiul Accounts. 2. a. Journhize the transactiont. Note: For the December 31 adjusting entry, assume the $2,150,000 balance in occounts receivable refiects the odjustments made during regule an entry leave it blank. Nov. 23-collection Cash Accounts Receivable-Harry Carr Dec. 31-adjusting AllowanceforDoubtfulBadDebtExpense b. Post each entry that affects the following T accounts and determine the new balances: Entries renlated to Uncollectible Accounts The following transactions were completed by The Wild Trost Gallery during the current fucal year ended December 31 : 2an: 19 reinstated the sccount of Arene Guriey, which had been written off in the preceding year as uncollectible: Journalized the receipt of \$2,6\$0 cash in fuil payment of Arlene's sccount. Ade 3 Wrote of the $12,750 balance owed by Premier 65 Co., which is bankrupt: July 16 Received 25% of the 522,000 balance owed by Hayden Co a bankrupt business, snd wrote aff the remainder as uncotectiole Nov. 23 Reinstated the occount of Harry Caer, which had been written off two years earlier as yncollectible, Recorded the receipt of s4,000 cash in full poyment. Dec. 31 Wrote off the folbwing accounts as uncollectible (one entry) Cavey Co, $3,300, fogle Co, 38,100 , Lake Furniture, $11,400, Mellida Shinyer, $1,200. 31 Based an an analytis of the 12,350,000 of accounts receivable, it was estimated that 560,000 wall be uncollect ble. Journaked the adjusting entry Required: 1. Recond the Janusy 1 credt baiance of 550,000 in a 7 account presented below in requirement 20 for Alfowance for Doustiul Accounts. 2. a. Journhize the transactiont. Note: For the December 31 adjusting entry, assume the $2,150,000 balance in occounts receivable refiects the odjustments made during regule an entry leave it blank. Nov. 23-collection Cash Accounts Receivable-Harry Carr Dec. 31-adjusting AllowanceforDoubtfulBadDebtExpense
