Please solve the following question!

Q.1 Journalize the following transactions assuming the allowance method is used to account for uncollectible receivables.

14/5; Received 75% of the $20,000 balance owed by Webb Co., a bankrupt business. Wrote off remainder as uncollectible.

20/6; Reinstated the account of Zorn Co., which had been written off in the preceding year as uncollectible. Received $5,225 cash as full payment of Zorns account.

20/7; Wrote off the $2,500 balance owed by Schmich, Inc. which had no assets.

31/12; Based on an analysis of Accounts Receivable, it is determined that $11,500 will become uncollectible. The balance in Allowance for Doubtful Accounts on December 31 prior to adjustment is $200 credit.

Required;

1. The balance in Allowance for Doubtful Accounts after adjustment.

2. The Net Realizable Value of Accounts Receivable if the balance of Accounts Receivable is $62,000.

3. Redo the entry for 12/31and questions a) and b) if the percent of sales method had been used to estimate uncollectible accounts expense at the rate of of 1% of net sales of $2,000,000. And do the transactions. (7)