Instructions The following transactions were completed by Irvine Company during the current fiscal year ended December 31: Feb. 8 Received 40% of the $18,000 balance owed by Decoy Co., a bankrupt business, and wrote off 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 $7,350 cash in full payment of Seth's account. Aug. 13 Wrote of the $6,400 balance owed by Kat Tracks Co., which has no assets. Reinstated the account of Crawford Co., which had been written off in the preceding year as uncollectible. Journalized the receipt of $3,880 cash in full payment of the account. Wrote off the following accounts as uncollectible (compound entry): Newbauer Co., $7,190: Bonneville Co. $5,500; Crow Distributors, $9.400; Fiber Optics, S1,110. Dec 31 Based on an analysis of the $1,785,000 of accounts receivable, it was estimated that $35,700 will be uncollectible. Journalized the adjusting entry Oct. 31 Dec. 3 Dec 31 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 adiustments and the adiusting entry) 1. Record the January 1 credit balance of $25,000 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. 8. 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 reazable value of the accounts receivable as of December 31 (aller 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 aqusting entry on December 31 had been based on an estimated expense of 6 of 1% of the net sales of $18,200,000 for the year, determine the following: A Bad det 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 CHART OF ACCOUNTS Irvine Company General Ledger ASSETS REVENUE 110 Cash 410 Sales 610 Interest Revenue EXPENSES 111 Petty Cash 121 Accounts Receivable Decoy Co. 122 Accounts Receivable-Seth Nelsen 123 Accounts Receivable Kat Tracks Co. 124 Accounts Receivable-Crawford Co. 125 Accounts Receivable-Newbauer Co. 126 Accounts Receivable-Bonneville Co. 127 Accounts Receivable-Crow Distributors 128 Accounts Receivable-Fiber Optics 129 Allowance for Doubtful Accounts 131 Interest Receivable 132 Notes Receivable 510 Cost of Goods Sold 520 Sales Salaries Expense 521 Advertising Expense 522 Depreciation Expense-Store Equipment 523 Delivery Expense 524 Repairs Expense 529 Selling Expenses 530 Office Salaries Expense 531 Rent Expense cent inSIC Chart of Accounts TI VESY Warunca opene 145 Omice Supplies 146 Store Supplies 151 Prepaid Insurance 181 Land 191 Store Equipment 192 Accumulated Depreciation Store Equipment 193 Office Equipment 194 Accumulated Depreciation Offion Equipment 533 Insurance Expense 534 Office Supplies Expense 535 Store Supplies Expense 536 Credit Card Expense 537 Cash Short and Over 538 Bad Debt Expense 539 Miscellaneous Expense 750 Interest Expense LIABILITIES 210 Accounts Payable 211 Solares Payable 213 Salon Tax Payable 214 Interest Payable 215 Notes Payable EQUITY 310 Common Stock 311 Retained Earnings 312 Dividends Counts 1. Record the January 1 credit balance of $25,000 na Taccount for Allowance for Doucetul Accounts 2. B. Post each entry that affects the following selected accounts and determine the new balances: Alowance for Doubt Accounts and Bad Debt Expense Allowance for Doubtful Accounts Jan. 1 Balance Dec 31 Adi, Balance Bad Debt Expense JOURNAL ACCOUNTING EQUATION DATE DESCEPTION POST. BET BERIT CREDIT LIMITES TORTY 1 8 1 3 11 18 Oled My Work Net Sunt for Grad MacBook Air 388 . FB S % 5 6 & 7 8 9 0 ll R T Y U P F H L V Instructions Tools Journal ta 11 10 11 11 Cho My Work Next > Sveinn Sumeg for Grade MacBook Air 888 FT - TY $ 4 % 5 6 &7 1 0 8 9 R T Y U o F G H J L V B N M 3. Determine the expected retreatable value of the accounts receivable as of December 31 (for all of the adjustments and the dusting entry 4. Assuming that instead of basing the provision for uncollectible accounts on an analysis of receive the adjusting entry on December 31 had been based on an estimated expense of of 1% of the ner sales of $1,200,000 for the year, determine the folowng: A. Bad debt expense for the years B. Balance in the allowance account after the adjustment of December 31,5 C. Expected net realizable value of the accounts receivable as of December 31,5