Entries Related to Uncollectible Accounts

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

Jan. $19$ Reinstated the account of Arlene Gurley, which had been written off in the preceding year as uncollectible. Journalized the receipt of

$$2,670$ cash in full payment of Arlene's account.

Apr. $3$ Wrote off the $$15,300$ balance owed by Premier GS Co$.,$ which is bankrupt.

July $16$ Received $40\%$ of the $$27,400$ 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 $$4,350$ cash

in full payment.

Dec. $31$ Wrote off the following accounts as uncollectible $($one entry$)$: Cavey Co$.,$ $$11,510$; Fogle Co$.,$ $$3,420$; Lake Furniture, $$8,785$; Melinda

Shryer, $$2,485.$

$31$ Based on an analysis of the $$1,354,700$ of accounts receivable, it was estimated that $$58,900$ will be uncollectible. Journalized the

adjusting entry.

Required:

Record the January $1$ credit balance of $$56,100$ in a T account presented below in requirement $2b$ for Allowance for Doubtful Accounts.

receivable reflects the adjustments made during the year.

Jan. $19-$reinstateRecord the January $1$ credit balance of $$56,100$ in a T account presented below in requirement $2b$ for Allowance for Doubtful Accounts. receivable reflects the adjustments made during the year.

Jan. $19-$reinstate

Jan. $19-$collection

Apr. $3$

July $16$

Nov. $23-$reinstate

Nov. $23-$collectionDec. $31-$write$-$off

Dec. $31-$adjustingb. Post each entry that affects the following $T$ accounts and determine the new balances:

Allowance for Doubtful Accounts

Bad Debt ExpenseDetermine the expected net realizable value of the accounts receivable as of December $31($after all of the adjustments and the adjusting entry$).$

$ of $\frac{1}{2}$ of $1\%$ of the sales of $$8,360,000$ for the year, determine the following:

a$.$ Bad debt expense for the year.

$

b$.$ Balance in the allowance account after the adjustment of December $31.$

$

c$.$ Expected net realizable value of the accounts receivable as of December $31($after all of the adjustments and the adjusting entry$).$

$