Boo Show Me How Calculator Entries Related to Uncollectible Accounts The following transactions were completed by The 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. Journalized the receipt of $1,535 cash in full payment of Arlene's account. Apr. 3. Wrote off the $8,800 balance owed by Premier GS Co., which is bankrupt. July 16. Received 25% of the $15,800 balance owed by Hayden Co., a bankrupt business, and wrote off the remainder as uncollectible. Reinstated the account of Harry Carr, which had been written off two years earlier as uncollectible. Recorded the receipt of $2,500 Nov. 23. cash in full payment. Dec. 31. Wrote off the following accounts as uncollectible (one entry): Cavey Co., 56,615; Fogle Co., $1,965; Lake Furniture, $5,050; Melinda Shryer, 51.430 Dec. 31 Based on an analysis of the 5777,400 of accounts receivable, it was estimated that $33,800 will be uncollectible. Journalized the adjusting entry. Required: 1. Record the January 1 credit balance of 532,200 in an account presented below in requirement 2b for Allowance for Doubtful Accounts 2. a. Journalize the transactions for a compound transaction, an amount box does not require an entry, leave it blank. Note: For the December 31 adjusting entry, assume the 5777.400 balance in accounts receivable reflects the adjustments made during the year. Jan. 19-reinstate Accounts Receivable Arlene Gurley 1,535 Allowance for Doubtful Accounts Jan. 19 collection Cash 1.535 Accounts Receivable Arlene Gurley Check My Work 3 more Check My Work uses remaining Next Show Me How Calculator Apr. 3 Allowance for Doubtful Accounts 8,800 Accounts Receivable Premier GS Co. 8,800 July 16 3,950 Allowance for Doubtful Accounts 11,850 Accounts Receivable-Hayden Co. 15,800 Nov. 23-reinstate Accounts Receivable-Harry Cart 2,500 Allowance for Doubtful Accounts 2.500 Nov. 23-collection Cash 2.500 Accounts Receivable-Harry Car 2.500 Dec. 31-write off Allowance for Doubtful Accounts 15,060 Accounts Receivable-Cavey Co. 6, 615 Accounts Receivable-Fogle Co. 1.965 Accounts Receivable Lake Furniture 5.050 Accounts Receivable-Melinda Shiryer 1.430 Dec. 31-adjusting Bad Debt Expense 3,887 Allowance for Doubtful Accounts 3,887 2. b. Post each entry that affects the following T accounts and determine the new balances: Allowance for Doubtful Accounts 8,00 Ian Balance 32,200 July 16 11,8SO Lan 19 1.5.15 Dec. 31 15,060 Nov. 23 2,500 De Unadused Balance Dec 31 Adjusting Entry Dec. 31 Adjusted Balance Bad Debt Expense Dec 31 Adjusting Entry 3. Determine the expected net realizable value of the accounts receivable as of December 31 (after all of the adjustments and the adjusting entry) 4. Assuming that stead of basing the provision for uncoctible accounts on an analysis of reces year, determine the following: , the adjusting entry on December I had been based o d ense of thes e Bad debts 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). Check My Work 3 more Check My Work uses remaining