Entries Related to Uncollectible Accounts The following transactions were completed by The Wild Trout Gallery during the current fiscal year ended December J1: Jan. 19. Reinstated the account of Ariene Gurley, which had been written off in the preceding year as uncoliectible. Journalized the receipt of $2,270 cash in full payment of Arlene's account. Apr. 3. Wrote off the $13,010 balance owed by Premier GS Co., which is bankrupt. July 16. Received 30% of the $23,300 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 uncoliectible. Recorded the receipt of $3,700 cash in full payment Dec. 31. Wrote off the following accounts as uncollectible (one entry): Cavey Co, $9,785; Fogle Co, $2,905; Lake Furniture, $7,470; Melsnda Shryer, $2,110. Dec. 31, Based on an analysis of the $1,152,300 of accounts receivable, it was estimated that $50,100 will be uncoliectbble. 20umalized the adjusting entry. Requiredt 1. Record the January 1 credit balance of $47,700 in a T account presented below in requ rement 26 for Aliowance for Doubthul Accounts 2. a. Joumalize the transactions. For a compound transaction, if an amount box does not require an entry, leave it blank. Noter For the December Ji adjusting 2. b. Post each entry that affects the following T accounts and determine the new balances: 3. Determine the expected net realiabie value of the accounts recelvable as of December al (after all of the adjustments and the adjusting entry) 4. Assuming that instead of basing the provision for uncollectible accounts on an analysis of receivabies, the adjusting entry on December 31 had been based on an estimated expense of of 1% of the sales of $7,110,000 for the yeac, determine the following: a. Bad debt expense for the year b. Balance in the allawance account after the atjustment of December 31. c. Exbected net realizable vace of the accounts receivable at of Decermber 31 (after all of the adjustments and the adjusting entry)