Jan. 29 Received 35% of the $9,000 balance cwed by Kovar Co., a bankrupt business, and wrote off the remainder as uncollectible. Apr. 18 Reinstated the account of Spencer Clark, which had been written off in the preceding year as uncollectible. Journalized the receipt of $4,000 cash in ful payment of Ciark's account. Aug 9 Wrote ofl the $11,B50 balance owed by lron Horse Co- which has no assets. Nov, 7 Reinstated the account of Vinyl Co, which had been writsen off in the preceding year as uncoliectible. Journalized the receipt of $7,000 cash in full payment of the account. Dec. 31 Wrote off the following accounts as uncollectble (one entry): Both Connelly Inc., $12,100; DeVine Co., \$6,110; Moser Distributors, \$21,950, Oceanic Optics, 510,000. Dec:31 Based on an analysis of the $1,450,000 of accounts receivable, if was estimased that $60,000 will be uncollectible. Journalized the adjusting entry. Required: 1. Fecord the fanvary t credit balance of 554,200 in a 7 account for Allowance for Doubiful Accounts: 2. A. Joumalize the iransactions For the December 31 acjusting entry assume the 51,450,000 balance in accounts receivabie feliects ihe adqustments made during the year Fefer to the chart of accounts for a listing of the account tus the company uses B. Post each entry that aflects the following selected 7 aceounts and detemive the new balances: Allowance for Doubthd Aocounts and Bad Debt Expense 3. Determine the expected netrealizable yalie of the accounis receivable as of December 3f fatier al of the actustroents and ihe acjusting enty). 4. Assuming that instead of basing the provision for uncollectible acoounts on an analysis of receivabes the achusting entry on December 31 hat been based on art estimafed experse of 14 of 1 \% of the sales of $13 eoo,oco for the yoar, determine the following: A. Aad detaterpense for the yoar B. Balance in the allowance account afer the adjus ment of December 31 C. Fupected net realrable value of the acoounds recevable as of December It