Entries Related to Uncollectible Accounts The following transactions were completed by The Spencer Gallery during the current fiscal year ended December 31 Reinstated the account of Brad Atwell, which had been written off in the preceding year as uncollectible. Journalized the receipt of $1,740 cash in full payment of Brad's account. Mar. 15 May 20.ote off the $9,970 balance owed by Glory Rigging Co., which is bankrupt. Aug. 13. Received 30% of the $17,900 balance owed by Coastal Co., a bankrupt business, and wrote off the remainder as uncollectible. Reinstated the account of Lorie Kidd, which had been written off two years earlier as uncollectible. Recorded the receipt of $2,835 cash in full payment. Wrote off the following accounts as uncollectible (compound entry): Kimbro Co., $7,500; McHale Co., $2,225; Summit Furniture, $5,725; Wes Riggs, $1,620. Based on an analysis of the $880,900 of accounts receivable, it was estimated that $38,300 will be uncollectible. Journalized the adjusting entry. Sept. 2. Dec. 31 Dec. 31