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Entries Related to Uncolfectuble Accounts The following transactions were completed by The Wild Trout Gallery during the current fiscal year ended December 31 : Jan.

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Entries Related to Uncolfectuble 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 $1,800 cash in full payment of Arlene's account. Abr-3. Wrote off the $10,310 balance owed by Premier GS Co, which is bankrupt. July 16. Recelved 25% of the $18,500 balance owed by Hoyden Co, a bankrupt business, and wrote off the femainder as uncollectible. Nov. 23. Reinstated the account of Harry Carr, which had been written off two years earlier as uncollectible. Recorded the receipt of $2,935 cash in full payment. Dec. 31. Wrote off the following accounts as uncollectible (one entry): Cavey C0, $7,760; Fogle Co, $2,305; Lake Furniture, $5,920; Melinda Shryer, 51,675 . Dec. 31. Based on an analysis of the $913,100 of accounts receivable, it was estimated that $39,700 will be uncollectible. Journalired the adjusting entry. Jan. 19-collection Accounts Receivable-Arlene Gurley Apr. 3 Allowance for Doubtful Accounts Accounts Receivable-Premier GS Co. 10,310 1,800 July 16 Cash Allowance for Doubtful Accounts v Accounts Receivable-Hayden Co. 10,310 Nov. 23-reinstate Accounts Receivable-Harry Carr 2,935 Allowance for Doubtful Accounts Nov. 23-collection Cash Accounts Receivable-Harry Carr 2,935 2,935 13,875 18,500 Dec. 31-write-off Allowance for Doubtful Accounts Accounts Receivable-Cavey Co Accounts Receivable-Fogle Co, Accounts Receivable-Lake Furniture Accounts Receivable-Melinda Shryer 17,660 2,935 7,760 2,305 5,920 1,675 Dec. 31-adjusting Bad Debt Expense 55,940 Allowance for Doubtful Accounts 55,940 3. Determine the expected net reablabie vaive of the accounts receivable as of December 31 (after all of the adjustments and the adjusting entry). x 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 $5,640,000 for the year, determine the following: a. Bad debt expense for the vear. b. Balance in the allowance account after the adjustment of December 31 x c. Expected net realizable value of the accounts recelvable as of December 31 (after all of the adjustments and the odjusting entry). x

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