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Pls solve and show work beg balance is 52,200 on jan 1. Entries Related to uncollectible Accounts The following transactions were completed by The Wild
Pls solve and show work
beg balance is 52,200 on jan 1.
Entries Related to uncollectible Accounts The following transactions were completed by The Wild Trout Gallery during the current fiscal year ended December 31: Jan. 19 Reinstated the account of Arlene Gurley, which had been written off in the preceding vear as uncollectible. Journalized the receipt of $2,485 cash in full payment of Arlene's account. Apr. 3 Wrote off the $14,240 balance owed by Premier G5 Co., which is bankrupt. July 16 Received 35% of the $25,500 balance owed by Hayden Co., a bankrupt business, and wrote off the remainder as uncollectibie. Nov. 23 Reinstated the account of Harry Carr, which had been written off two years earlier as uncollectible. Recorded the receipt of 54,050 cash in full payment. Dec. 31 Wrote off the following accounts as uncollectible (one entry): Cavey Co., $10,710; Fogle Co., $3,180; Lake Furniture, 58,175; Melinda Shryer, $2.310. 31 Based on an analysis of the $1,260,400 of accounts receivable, it was estimated that s54,800 will be uncollectibie. Journalized the ) adjusting entry. Jan. 19-re natate Jan. 19-co lection > July 16 Nov. 23. restate Nov 23-collection Dec 31-white- Des 31-20-sing Allowance for Doubtful Accounts Jan. 1 Balance Dec. 31 Adjusted Balance Bad Debt Expense 3. Determine the expected zable all of the COUTEE TEEB as of December 31 (after all of the adjustments and the adjusting entry). 4. Assuming that instead of basing the provision for uncollectible accounts on an analysis of ., the adjusting entry on December 31 had been based on an estimated expense of of 1% of the sales of 57,780,000 for the year, determine the following: for the year. a. S b. Balance in the allowance account after the adjustment of December 31. $ C. Expected net realizable value of the accounts receivable as of December 31 (after all of the adjustments and the adjusting entry). $
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