Instructions Chart of Accounts T-Accounts Journal Finant. Questions Instructions x The following transactions were completed by Irvine Company during the current fiscal year ended December 31 Feb 8 Received 40% of the S18,000 balance owed by DeCoy Co a bankrupt business and wrote of the remainder as uncollectible May 27 Reinstated the account of Seth Nelsen, which had been written off in the preceding year as uncollectible. Journalized the receipt of S7 350 cash in full payment of Seth's account Wrote off the S6,400 balance owed by Kat Tracks Co which has no assets Aug 13 Oct 31 Reinstated the account of Crawford Co which had been written off in the preceding year as Dec 31 uncollectible. Journalized the receipt of $3,880 cash in full payment of the account Wrote of the following accounts as uncollectible (compound entry) Newbauer Co ST 190, Bonneville Co $5,500. Crow Distributors s9,400, Fiber Optics, S1, 110 Dec. 31 Based on an analysis of the S1 785,000 of accounts receivable, it was estimated that S35,700 will be uncollectible, Joumalized the adjusting entry 1 Record the January 1 credit balance of $26,000 in a T-account for Allowance for Doubtful Accounts 2. A Journalize the transactions Refer to the Chart of Accounts for exact wording of account titles B Post each entry that affects the following selected T-accounts and determine the new balances Allowance for Doubtful Accounts and Bad Debt Expense 3 Determine the expected net realizable value of the accounts receivable as of December 31 (after all of the adjustments and the adjusting entry) 4 Assuming that instead of basing the provision for uncollectible accounts on an analysis of receivables the adjusting entry on December 31 had been based on an estimated expense of % of 1% of the net sales of $18 200 000 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 Greck My Work nstructions Chart of Accounts T-Accounts Journal Final Questions T-Accounts 1. Record the January 1 credit balance of S26,000 in a T-account for Allowance for Doubtful Accounts 2 B. Post each entry that affects the following selected T-accounts and determine the new balances Allowance for Doubtful Accounts and Bad Debt Expense Allowance for Doubtful Accounts Jan. 1 Balance Dec. 31 Adj Balance Bad Debt Expense Allowance method entries Instructions Chart of Accounts TAccounts Journal Final Questions X Journal 2. A Journalize the transactions Refer to the Chart of Accounts for exact wording of account titles PAGE 10 JOURNAL ACCOUNTING EQUATION DATE DESCRIPTION POST REF DEBIT CREDIT ASSETS LIABILITIES EQUITY 1 2 3 4 5 6 35 Allowance method entries Instructions Chart of Accounts T-Accounts Journal Final Questions Final Questions 3 Determine the expected net realizable value of the accounts receivable as of December 31 (after all of the adjustments and the adjusting entry) 4 Assuming that instead of besing the provision for uncollectible accounts on an analysis of recewables, the adjusting entry on December 31 had been based on an estimated expense of % of 1% of the net sales of $18,200,000 for the year, determine the following A Bad debt expense for the year S 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. S ho