Entries Related to Uncollectible Accounts The following transactions were completed by The Wild Trout Gallery during the current fiscal year ended December 31: Jan. Apr. 19 Reinstated the account of Arlene Gurley, which had been written off in the preceding year as uncollectible. Journalized the receipt of $2,525 cash in full payment of Arlene's account. 3 Wrote off the $14,470 balance owed by Premier GS Co., which is bankrupt. July 16 Received 45% of the $26,000 balance 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 $4,115 cash in full payment. Dec. 31 Wrote off the following accounts as uncollectible (one entry): Cavey Co., $10,885; Fogle Co., $3,230; Lake Furniture, $8,305; Melinda Shryer, $2,350. 31 Based on an analysis of the $1,281,100 of accounts receivable, it was estimated that $55,700 will be uncollectible. Joumalized the adjusting entry. Required: 1. Record the January 1 credit balance of $53,000 in a T account presented below in requirement 2b for Allowance for Doubtful Accounts. 2. a. Joumalize the transactions. If an amount box does not require an entry, leave it blank. Note: For the December 31 adjusting entry, assume the $1,281,100 balance in accounts receivable reflects the adjustments made during the year. Jan. 19-reinstate Accounts Receivable-Arlene Gurley 2,525 2,525 Allowance for Doubtful Accounts Jan. 19-collection Cash 2,525 Accounts Receivable-Arlene Gurley 2,525 Apr. 3 Allowance for Doubtful Accounts 14,470 Accounts Receivable-Premier GS Co. 14,470 July 16 Cash 11,700 Allowance for Doubtful Accounts 14,300 Accounts Receivable-Hayden Co. 26,000