Instructions The following transactions were comploted by Daws Company during the current fiscal year ended December 31: Jan 29 Received 40% of the $17,000 balance owed by Kovar Co., a bankrupt business, and wrote off the remainder as uncollectible. s have feedback g the year. Refer tox Apr. 18 Aug 9 Reinstated the account of Spencer Clark, which had been written off in the preceding year as uncollectible. Journalized the receipt of $7,405 cash in full payment of Clark's account. Wrote off the $6,460 balance owed by Iron Horse Co., which has no assets. Nov. 7 Reinstated the account of Vinyl Co., which had been written off in the preceding year as uncollectible Journalized the receipt of $3,940 cash in full payment of the account. Dec. 31 Wrote off the following accounts as uncollectible (one entry): Beth Connelly Inc., $7,005; DeVine Co., $5,540, Moser Distributors, $9,495; Oceanic Optics, $1,035 Dec. 31 Based on an analysis of the $1,782,000 of accounts receivable, it was estimated that $35,640 will be uncollectible. Journalized the adjusting entry Required: 1. Record the January 1 credit balance of $25,615 in a T account for Allowance for Doubtful Accounts. 2. A. Journalize the transactions. For the December 31 adjusting entry, assume the $1,782,000 balance in accounts receivable reflects the adjustments made during the year. Refer to the chart of accounts for a listing of the account titles the company uses 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). AGE 10 ON EQUITY