Entries Related to Uncollectible Accounts

The following transactions were completed by The Spencer Gallery during the current fiscal year ended December 31:

Mar. 15.	Reinstated the account of Brad Atwell, which had been written off in the preceding year as uncollectible. Journalized the receipt of $2,390 cash in full payment of Brads account.
May 20.	Wrote off the $13,690 balance owed by Glory Rigging Co., which is bankrupt.
Aug. 13.	Received 40% of the $24,600 balance owed by Coastal Co., a bankrupt business, and wrote off the remainder as uncollectible.
Sept. 2.	Reinstated the account of Lorie Kidd, which had been written off two years earlier as uncollectible. Recorded the receipt of $3,895 cash in full payment.
Dec. 31.	Wrote off the following accounts as uncollectible (compound entry): Kimbro Co., $10,300; McHale Co., $3,060; Summit Furniture, $7,865; Wes Riggs, $2,225.
Dec. 31.	Based on an analysis of the $1,212,100 of accounts receivable, it was estimated that $52,700 will be uncollectible. Journalized the adjusting entry.

Required:

1. Record the January 1 credit balance of $50,200 in a T account (below) for Allowance for Doubtful Accounts.

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2. a.Journalize the transactions. For a compound transaction, if an amount box does not require an entry, leave it blank. Note: For the December 31 adjusting entry, assume the $1,212,100 balance in accounts receivable reflects the adjustments made during the year.

Mar. 15-reinstate Accounts Receivable-Brad Atw Allowance for Doubtful Accour Mar. 15-collection Cash Accounts Receivable-Brad Atw May 20 Allowance for Doubtful Accour Accounts Receivable-Glory Rig Aug. 13 Cash Bad Debt Expense Accounts Receivable Coastal C Sept. 2-reinstate Accounts Receivable-Lorie Kid Allowance for Doubtful Accour Sept. 2-collection Cash Accounts Receivable-Lorie Kid 2,390 2,390 13,690 9840 14760 3,895 3,895 2,390 2,390 13,690 24,600 3,895 3,895