Jan 19 Dec Allowance method entries The following transactions were completed by Wild Trout Gallery during the current focal year ended December 311 Feinstated the account of Arlene Gurley, which had been written off in the preceding year as uncollectible Journalize the receipt of $2,300 cash in ruil payment of Arlene account Apr 3. wrote off the $13,180 balance owed by Premier GS Co. Which is bankrupt. July 16. Heceived 25% of the 23,600 balance owed by Hayden Co, a bankrupt business, and wrote of the remainder as uncollectible Nov. 23. Ratnotated the account of Harry Cars, which had been written or two years earlier an uncollectible. Recorded the receipt of $3,750 cash in full payment Wrote of the following accounts as uncalectible (compound entry) Cavey Co., 59,915 Pogle Co, $2,045 ; Lake Furniture, 87,56 : Melinda Shrver $2,140. Based on an analysis of the $1,266,100 of accounts receivable, it was estimated that 850,700 will be uncollectible. Journalize the adjusting entry Required: 1. Record the January 1 credit balance of 540,300 in aT account presented below is requirement 2 for Ahowance for Doubtful Accounts 2. a. Joumature the transactions. If an amount box does not require an entry, wet blank. Note: For the December 31 adjusting entry, assume the $1,146,100 balance in accounts receivable reflects the adjustments made during the year Jan. 19-reinstate Accounts ReceivableArlene Gurley Allowance for Doubtful Accounts Det 33 Jan 19-collection Cash Accounts Receivable-Arlene Gurley Ara Allowance for Debtl Accounts Accounts Receivable premier GSCO ] 1 1 1 I Ill July 10 Allowance for Doubtful Accounts Accounts Receivable Hayden con Now 23reate Accounts Receivable Harry Carr Allowance for Doubtful Accounts Nov 23-collection Sash Nov. 23-lection Cash Accounts Receivable: Harry Care Dec. 33-write-off Allowance for Doubtful Accounts Account celleney Cou Accounts Receivable-Fogle.co Accounts Receivable Lake Furniture Accounts Receivable-Melinda Shree Dec. 31.adiating Debt Expens Allowance for Doubtful Accounts 1 III I | bb. 2. b. Post nach entry that affects the following accounts and determine the new balances Allowance for Doubtful Account Apr Dan 1 lance July 1 an 19 NOVA De Unadssted, Balance DEL Asting Entry orc 31 Adjunted Balance Bad Debt Expense DEL Adesting Entry 3. Determine the expected retreatable value of the accounts receivable of December 31 (her all of the summents and the adjusting entry) Assuming that instead of bong the provision for uncollectible accounts on an analysis of recevantes, the adjusting entry on December 31 had been based on an estimated expense of Wer of the sales of $7,200,000 for the year, determine the following hadde for the year Di Balance in the allowance account after the adjustment of December II Accounts Receivable-Fogle co Accounts Receivable Lake Furniture Accounts Receivable-Melinda Shryer Dec. 31-adjusting and Debt Expense Allowance for Doubtful Accounts 2. b. Posteach entry that affects the following accounts and determine the new balances Allowance for Doubtful Accounts AP Jan. 1 Balance July an 10 De Now Der Uradjusted Decl Adjusting Entry Dec 31 Adjusted Balance Bad Debt Expense De Adjusting Entry 3. Determine the expected netreatable volue of the accounts receivable as of December 31 (alle all of the adjustments and the adjusting entry) Mieming that intred of having the provision for uncollectible accounts on an analysis of reemivabies, the adjusting entry on December 31 hod beer based on an estimated expense of or is of the sale of 87,300,000 for the year, determine the following ta del pense for the year b. Balance in the lowance account after the adjustment of December 3! Expected netrable value of the accounts receivable as of December 31 (ar all of the adjustments and the adjusting entry)