Entries Related to Uncolfectible 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 uncolectible, Journalized the receipt of $2,215 cash in full payment of Arlene's account. Apr, 3 Wrote off the $12,690 balance owed by Premier GS Co., which is bankrupt. July 16 Recelved 30% of the $22,800 baiance 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 s3,610 cash in full payment: Dec. 31 Wrote off the following accounts as uncollectible (one entry): Cavey Co, $9,545; Fogle Co, 52,835; Lake Furniture, $7,285; Melinda Shryer, $2,060. 31 Based on an analysis of the $1,122,400 of accounts receivable, it was estimated that $48,800 will be uncollectible, Journalized the adjusting entry. Required: 1. Record the January 1 credit balance of $46,500 in a T account presented below in requirement 2b for Allowance for Doubtful Accounts. 2. a. Journalize the transactions. If an amount box does not require an antry, feave it blank. Note: For the December 31 adjusting entry, assume the 51,122 , 400 bo adjustments made during the yeae. 9 -collection Cash 2,215 Accounts Receivable-Arlene Gurley 2,215 Allowance for Doubtful Accounts Accounts Receivable-Premier GS Co. 12,690 Cash Allowance for Doubtful Accounts Accounts Receivable-Hayden Co. 23-reinstate Accounts Receivable-Harry Carr Allowance for Doubtful Accounts 23-collection Cash Accounts Receivable-Harry Carr 3,610 Accounts Receivable-Fogle Co. Accounts Receivable-Lake Furniture Accounts Receivable-Melinda Shryer c. 31-adjusting Bad Debt Expense Allowance for Doubtful Accounts b. Post each entry that affects the following T accounts and determine the new balances: 3. Determine the expected net realizable value of the accounts recelvable as of December 31 (after all of the adjustments and the adjusting entry). 4. Assuming that instead of bashg the provision for uncollectble accounts on an analysis of recelvables, the adjusting entry on December 31 had been bosed on an estimated $5,930,000 for the year, determine the following: a. Dad sebt expense for the year. b. Balance in the allosance account after the adjustment of December 31 . x Expectid net raalizable value of the accounts receivable as of December 31 (after all of the adjustments and the adjusting entry). x