Kindly assist with this question.

1. (a) Present the journal entries for the transactions below:

The following transactions were completed by TAG Ltd during the current year ended 31 December.

21-Feb Received a cheque of $2,025 from Eagle Trading which has been written off last year as bad debt.

22-Feb Deposited the cheque from Eagle Trading into the companys bank account.

31-Mar Wrote off the $5,500 balance owed by Peacock Pte Ltd which has become bankrupt.

7-Jul Received 35% of the $8,800 balance owed by Hydro Ltd from its liquidator. Hydro Ltd has since been wound up by the liquidator.

29-Aug Reinstate the account of MT & Son which had been written off two years earlier as bad debt. Recorded the receipt of $1,200 cash in full payment.

31-Dec Wrote off the following accounts as bad debt: Bintan Trading, $10,050; Bright Photo Studio, $7,200; Milan Furniture, $3,775; Ocean Trading, $2,820.

A review was done on the collectability of the accounts receivable on 31 December. Based on the analysis of the $787,550 balance of accounts receivable, it was estimated that $32,500 will be uncollectible.

The allowance for bad debts has a credit balance of $30,000 at the beginning of the year, 1 January.

The company uses the Allowance Method of accounting for doubtful debt.