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can you help me complete please Entries Pelated to Uncoliectible Acoounts The following transactions were campleted by The Wha Trout Gallery during the current biscal
can you help me complete please
Entries Pelated to Uncoliectible Acoounts The following transactions were campleted by The Wha Trout Gallery during the current biscal year ended Becember 31) 7e1. 19. Heinstated the account of Arlene Gurley, which had been written off in the preceding year as uncollectible. Jeumalized the recept of 11,050 cash in full payment of Ariene's account. Aar 3. Wrose off the 311,17o balance owed by Premier Gs Co, which is bankrupt. July 16. Reoeived 35\%e of the 120,000 balance owed by Hayden Co. a bankrupt businest, and wrote off the remainder as uncolectible. Dec-31. Wrote of the foliowing accounts as uncollectible (one entry): Cavey Co., 18,405; Fogle Co. 12,495; Lake Fumiture, 56,415 . Melinda Shryer, 11,615. Dec: 31. Fissed on an analysis of the $991,300 of accounts receivable, it was estimated that 343.100 wan be uncoilectibie, Jourmalired the atjusting entry: Mepuired: 1. Kecord the January 1 credt balance of $41,000 in a T account presented beiow in requirement 26 for Alowahce for Dowiphiu Acchuints. assume the $991,300 batance in aceounts recelvable reflects the adjustments mode during the year. 2. b. Poet eech entry that affectil the following T accouras and determiret the new balances: 2. b. Post each entry that atfects the following T accounts and determine the new balances: 3. Determine the expected net realizable value of the accounts receivabie as of December 31 (after all of the adjustments and the adjusting entry). 4. Assuming that instead of besing the proviaion for uncollectible accounts on an analyals of recelvablel, the adjusting entry on December 31 had been based on an estimated expense of y of 1 tof the sales of $56,120,000 for the year, determine the following: a. Bad debt expense for the year. bi. Balance in the allowance account after the adjustment of December 31 . Expected net realrable value of the accounts receivable as of December 31 (after all of the adjustments and the adjusting entry) Step by Step Solution
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