Gen$-$X Ads produces advertising videos. During the current year ending December $31,$ Gen$-$X Ads received the following notes:

Note Date Face Amount Term Interest Rate

$1.$ January $14$ $$33,00030$ days $4\%$

$2.$ March $960,00045$ days $7$

$3.$ July $1248,00090$ days $5$

$4.$ August $2316,00075$ days $6$

$5.$ November $1536,00060$ days $8$

$6.$ December $1024,00060$ days $6$

Required:

Question Content Area

Assume $360$ days in a year.Allowance method entries

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

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

of $$2,300$ cash in full payment of Arlene's account.

April $3.$

July $16.$

Wrote off the $$13,180$ balance owed by Premier GS Co$.,$ which is bankrupt.

November $23.$ Reinstated the account of Harry Carr, which had been written off two years earlier as uncollectible. Recorded the receipt of

$$3,750$ cash in full payment.

December $31.$ Wrote off the following accounts as uncollectible $($compound entry$)$: Cavey Co$.,$ $$9,915$; Fogle Co$.,$ $$2,945$; Lake Furniture,

$$7,565$; Melinda Shryer, $$2,140.$

December $31.$ Based on an analysis of the $$1,166,100$ of accounts receivable, it was estimated that $$50,700$ will be uncollectible. Journalized

the adjusting entry.

Required:

Record the January $1$ credit balance of $$48,300$ in a $T$ account presented below in requirement $2b$ for Allowance for Doubtful Accounts.

during the year.

Jan. $19$

an$.19$

Apr. $3$

uly $16$

Nov. $23$

Nov. $23$

Dec. $31$

Dec. $31$

b$.$ Post each entry that affects the following $T$ accounts and determine the new balances:

Allowance for Doubtful Accounts

$

for the year, determine the following:

a$.$ Bad debt expense for the year.

$

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

s

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