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Entries Related to Uncellectble Accounts The following transactions were completed by The Wid Trout Gallery during the current fiscal year ended December 31 : 2an.

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Entries Related to Uncellectble Accounts The following transactions were completed by The Wid Trout Gallery during the current fiscal year ended December 31 : 2an. 19. Reinstated the account of Arlene Curley, which had been wraten off in the preceding year as uncellectible. Journalired the receipt of $2,000 cash in full payment of Arlene's sccount. Ape. 3. Wrote off the $11,460 balance owed by Premier 65CO, which is bankrupt. July 16. Received J0\% of the $20,600 balance owed by Hsyden Co, a bankrupt business, and wrote eff the remainder as uncollectible. Nov, 23. Reinstated the account of Harry Cart, which had been written off two years earlier as uncoliectible. Recorded the receipt of $3,260 cash in ful payment. Dec. 31. Wrote of the following accounts as uncollectble (one entry) Cave, C0, 56,620; Fogle Co, $2,560; Lake Furniture, $6,560; Melinde Shryer, $1,860. Dec. 31. Based en an andiysis of the $1,014,300 of accounts receivable, it was estimated that $44,100 will be uncollectible. Journalized the adjusting entry. Required: 1. Recerd the 3anuary 1 credit balance of $42,000 in a T actount presented below in reeuirement 20 for Alowance for Doubcful Accounts. 2. a. Joumalize the transactions. For a compound transoction, if an amount box does not require an entry, leave it blank, Note: For the December 31 adjusing entry. assume the $1,014,300 balance in accounts recelvable reflects the adjustments made during the year: 2. b. Post each entry that affects the following T accounts and determine the new balances: 2. b. Post each ertry that affects the followitg T accoumts and determine the new balances:. 2. Betermine the expected net realiatle value of the acocent: recevatle as ef becember 31 (after all of the adjustments and the adjusting entry). 4) Asuming that instesd of basing the provision for uncellectible aceousts en an analvis of recelvabies, the adjusting entry on December 31 hed been based on an extimated expense of b of 1 w of the salet of 16,2t0,000 tor the yeat, determine the following. 4. Bas sirbt expente for the vear. 1. Bolence in the alowance account afier the adjatment of cecember 31 . c. Exaccted net realiable value of the \&ccounts receivable as of Dectemser 31 (aher all of the edjustments and the adjucuing entry)

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