eBook Show Me How Print fem 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 $2,660 cash in full payment of Arlene's account. Apr. 3 Wrote off the $12,750 balance owed by Premier GS Co., which is bankrupt July 16 Received 25% of the $22,000 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 $4,000 cash in full payment. Dec. 31 Wrote off the following accounts as uncollectible (one entry): Cavey Co., $3,300; Fogle Co., $8,100; Lake Furniture, $11.400; Melinda Shryer, $1,200. 31 Based on an analysis of the $2,350,000 of accounts receivable, it was estimated that $60,000 will be uncollectible. Journalized the adjusting entry, Required: 1. Record the January 1 credit balance of $50000 in a T account presented below in requirement 2b for Allowance for Doubtful Accounts 2. a. Journalize the transactions. Note: For the December 31 adjusting entry, assume the $2,350,000 balance in accounts receivable reflects the adjustments made during the year. If an amount box does not require an entry, leave it blank. Jan. 19-reinstate Accounts Receivable-Arlene Gurley Allowance for Doubtful Accounts Jan. 19-collection Cash Accounts Receivable-Arlene Gurley Apr. 31 Allowance for Doubtful Accounts Check My Work Previous Save and Exit Submit Assignment for Gra Jan. 19-collection Cash Apr. 3 Accounts Receivable-Arlene Gurley Allowance for Doubtful Accounts Accounts Receivable-Premier GS Co. 33 Allowance for Doubtful Accounts July 16 Cash Accounts Receivable-Hayden Co. Nov. 23-reinstate Accounts Receivable-Harry Carr Allowance for Doubtful Accounts Nov. 23-collection Cash Accounts Receivable-Harry Carr 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 00 00000 38 000 00 eBook Show Me How Print Item Accounts Receivable-Harry Carr 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 Feedback 00000 00 Check My Work Set up T accounts. Recall that under the allowance methok, the entry to write off an account debits Allowance for Doubtful Accounts and credits Accounts Re In such cases where an account receivable that has been written off is later collected, the account is reinstated by an entry that reverses record the receipt of cash as payment for the account. The amount of bad debt expense is affected by the balance in the allowance account. 2. b. Post each entry that affects the following T accounts and determine the new balances; Apr. 3 July 16 V Dec. 31 Allowance for Doubtful Accounts Jan. 1 Balance Jan. 19 Nov. 23 IDec. 31 Unadjusted Balance Check My Work eBook Show Me How ogress-laise Print Item 2. b. Post each entry that affects the following T accounts and determine the new balances: Apr. 3 July 16 Dec. 31 Allowance for Doubtful Accounts Jan. 1 Balance Jan. 19 Nov. 23 Dec. 31 Unadjusted Balance Dec. 31 Adjusting Entry Dec. 31 Adjusted Balance Bad Debt Expense Dec. 31 Adjusting Entry Feedback Check My Work Set up T accounts. Recall that under the allowance method, the entry to write off an account debits Allowance for Doubtful Accounts and credits A In such cases where an account receivable that has been written off is later collected, the account is reinstated by an entry tha record the receipt of cash as payment for the account. The amount of bad debt expense is affected by the balance in the allowance account. 3. Determine the expected net realizable value of the accounts receivable as of December 31 (after all of the adjustments and the a 4. Assuming that instead of basing the provision for uncollectible accounts on an analysis of receivables the adjusting entry on Dece Check My Work 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 instead of basing the provision for uncollectible accounts on an analysis of receivables the adjusting entry on December 31 had been based on an estimated expense of W of 1% of the sales of $15,800,000 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. Expected net realizable value of the accounts receivable as of December 31 (after all of the adjustments and the adjusting entry).