The following transactions, adjusting entries, and closing entries were completed by The AllStar Gallery during the current fiscal year ended December 31: Feb. 21: reinstated the account of Merryl Alber, which had been written off in the preceding year as uncollectible. journalized the receipt of $2,025 cash in full payment of Alber's account mar. 31: wrote off the $5,500 balance owed by Amos Co., which is bankrupt July 7: Received 35% of the $8,000 balance owed by Morton Co., a bankrupt business, and wrote off the remainder as uncollectible aug. 29: reinstated the account of Louis Sabo, which had been written off two years earlier as uncollectible. recorded the receipt of $1,200 cash in full payment. dec. 31: wrote off the following accounts as uncollectible (compound entry): Dailey Co., $10,050; Sun Co., $7,260; Zheng Furniture, $3,775; Carey Wenzel, $2,820. 31.: based on an analysis of the $787,550 of account receivable, it was estimated that $32,500 will be uncollectible. Journalized the adjusting entry 31.: Journalized the entry to close the appropriate account to income summary ---------------------------------------------------------------------------------------------------------------- 1.. record the January 1 credit balance of $30,000 in allowance for doubtful accounts. 2. journalize the transactions and the adjusting and closing entries. Post each entry that affects the following three selected accounts and determine the new balances. The accounts are: acct. no. 115 - Allowance for Doubtful Accounts; acct. no. 313 - Income Summary; acct. no. 718 - Uncollectible Accounts Expense 3. determine the expected net realizable value of the accounts receivable as of December 31 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 1/2 of 1% of the net sales of $7,4000,000 for the year, determine the following: A) uncollectible accounts expense 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