structions The following transactions were completed by Irvine Company during the current fiscal year ended December 31: May 27 Feb. 8 Received 40% of the $18,500 balance owed by Decoy Co., a bankrupt business, and wrote off the remainder as uncollectible Reinstated the account of Seth Nelsen, which had been written off in the preceding year as uncollectible. Journalized the receipt of $7,430 cash in full payment of Seth's account Aug, 13 Wrote off the $6,470 balance owed by Kat Tracks Co, which has no assets. Oct. 31 Reinstated the account of Crawford Co., which had been written off in the preceding year as uncollectible. Journalized the receipt of $3,870 cash in full payment of the account Dec 31 Wrote off the following accounts as uncollectible compound entry): Newbauer Co., 57,245; Bonneville Co. $5,595; Crow Distributors. 59,500: Fiber Optics, $1,060. Dec. 31 Based on an analysis of the $1.760,500 of accounts receivable, it was estimated that $35,390 will be uncollectible. Journalized the adjusting entry 1. Record the January 1 credit balance of $25,330 in a T-account for Alowance for Doubtful Accounts, 2. A. Journalize the transactions. Refer to the Chart of Accounts for exact wording of account titles. B. Post each entry that affects the following selected T-accounts and determine the new balances: Allowance for Doubtful Accounts and Bad Debt Expense 3. Determine the expected per realizable value of the accounts receivable 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 receivables, the adjusting entry on December 31 had been based on an estimated expense of 4 of 1% of the net sales of $18.430,000 f the year, determine the following: A Bad debt expense for the year. 3. Determine the expected net realizable value of the accounts recewable 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 receivables, the adjusting entry on December 31 had beon based on an estimated expense of 4 of 1% of the net sales of $18,430,000 for the year, determine the following: A. Bad debt exponse for the year. 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. REVENUE ASSETS 410 Sales 110 Cash 610 Interest Revenue 111 Petty Cash 121 Accounts Receivable-DeCoy Co. 122 Accounts Receivable-Seth Nelsen EXPENSES 510 Cost of Goods Sold 123 Accounts Receivable-kat Tracks Co. 520 Sales Salaries Expense 124 Accounts Receivable-Crawford Co. 125 Accounts Receivable-Newbauer Co. 521 Advertising Expense 522 Depreciation Expense-Store Equipment 126 Accounts Receivable-Bonneville Co. 127 Accounts Receivable-Crow Distributors 523 Delivery Expense 128 Accounts Receivable-Fiber Optics 129 Allowance for Doubtful Accounts 524 Repairs Expense 529 Selling Expenses 131 Interest Receivable 530 Office Salaries Expense 132 Notes Receivable 531 Rent Expense 532 Depreciation Expense-Office Equipment 533 Insurance Expense 141 Merchandise Inventory 145 Office Supplies 146 Store Supplies 151 Prepaid Insurance 534 Office Supplies Expense 535 Store Supplies Expense 536 Credit Card Expense 181 Land 191 Store Equipment 537 Cash Short and Over of Accounts 146 Store Supplies 534 Office Supplies Expense 535 Store Supplies Expense 151 Prepaid Insurance 536 Credit Card Expense 181 Land 537 Cash Short and Over 538 Bad Debt Expense 191 Store Equipment 192 Accumulated Depreciation-Store Equipment 193 Office Equipment 194 Accumulated Depreciation Office Equipment 539 Miscellaneous Expense 710 Interest Expense LIABILITIES 210 Accounts Payable 211 Salaries Payable 213 Sales Tax Payable 214 Interest Payable 215 Notes Payable EQUITY 310 Common Stock 311 Retained Earnings 312 Dividends T-Accounts 1. Record the January 1 credit balance of $25,330 in a T-account for Allowance for Doubtful Accounts 2. B. Post each entry that affects the following selected T-accounts and determine the new balances: Allowance for Doubtful Accounts and Bad Debr Exponse Allowance for Doubtful Accounts Jan. 1 Balance Dec 31 Adj. Balance Bad Debt Expenso 2. A. Jouere the transactions. Pofar to the Chart of Accounts for exact wording of accountitles PAGE 10 JOURNAL ACCOUNTING EQUATION DESCRIPTION POST RE DATE DERIT CREDIT ASSETS LIABILITIES EQUITY 1 7 3 . Journal 1 13 11 14 10 T 11 11 3. Determine the expected net rearable of the accounts receivable as of December 31 (after all of the adjustments and the adjusting entry) 4. Assuming that instead of being the provision for collectible accounts on an analysis of relaties the adjusting entry on December 31 had been based on an estimated expose of Of TN of the net sales of $18.480,000 for the you, determine the following: A. Bad dotterne for the yours 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. S