Entries felated to Uncollectible Accounts The following transactoons were completed by The Wild Trout Gallery during the cutrent fiscal year ended December J1: Jan: 19 Reinstated the account of Arlene Gurley, which had been written off in the preceding year as uncollectible, lournatized the receipt of 57.800 cash in tulf poyment of Artene's account. Net. 3 Wicte off the $16,040 balanoe owed by Premier GS Co, which is bankrupt, July 16 fleceived 40% of the $28,800 balance oved by Hayden Co, a barkrupt business, and wrote off the remainder as uncolfectible, Now 23 Reinstated the account of tharry Catr, which had been written off two years carliet as uncollectible. Recorded the receipt of $4,565 cash in full poyment: Dec a1 Wrote off the following sccounts as uncollectible (ohe entry): Cavey Co., $12,070; fogle Co, $3,585; Lake furniture, $9,210; Melinda Stiryer, $2,605 31 Based on an analyss of the 51,419,100 of accounts receivable, it was estimated that $61,700 will be uncollectible, loumalized the adjusting entry Thequiredt accounts recevable rellecis the acjuutrients made dunng the pear, 2. a. Journalize the trainsactions. If an ankunt bok does not require an entry, leave it blank. Nole. For the December 31 adjusting entry, aksame the $1,419, 100 balance in ocosumts recovable reflects then adjustments made durnet the year. 2. b. Post each entry that affects the following T accounts and determine the new balances: 3. Determine the expected net realuable value of the nccountg receivible 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 Decernber 31 had been based on an estiriated expense of 1 of 1% of the sales of $8,760,000 for the year, determine the folliowing: a. Bad debt experise for the year. b. Balance in the allowance account ater the adjustment of December 31 . c. Cxpected net realirable value of the acconnts receivable as of December Ji (after all of the odjustruents and the adjusting entry)