Entries Related to Uncollectible Accounts Jan. 19 The following transactions were completed by The Wild Trout Gallery during the current fiscal year ended December 31: Reinstated the account of Arlene Gurley, which had been written off in the preceding year as uncollectible. Journalized the receipt of $2,605 cash in full payment of Arlene's account Apr. 3. Wrate off the $14,930 balance owed by Premier GS Co., which is bankrupt. July 16. Received 45% of the $26,800 balance owed by Hayden Co., a bankrupt business, and wrote off the remainder as uncollectible. Nov, 23. Reinstated the account of Harry Care, which had been written off two years earlier as uncollectible. Recorded the receipt of $4,245 cash in full payment. Dec. 31 Wrote of the following accounts as uncollectible (one entry): Cavey Co.,$11,230; Fogle Co., $3,335; Lake Furniture, 88,570; Melinda Shryer, $2,425. Based on an analysis of the $1,320,200 of accounts receivable, it was estimated that $57,400 will be uncollectible. Journalized the adjusting entry. Required: 1. Record the January 1 credit balance of $54,700 in o T account presented below in requirement 2b for Allowance for Doubtful Accounts. 2. m. Journalize the transactions. For a compound transaction, it an amount box does not require an entry, leave a blank. Note: For the December 31 adjusting entry. assume the $1,320,200 balance in accounts receivable reflects the adjustments made during the year. Jan. 19-reinstate Dec. 31. Jan. 19-collection Apr. 3 July 16 Na. 23instate