The following transactions were completed by Emmanuel Company during the current fiscal year ended December 31 : Jan. 29 Received 40% of the $18,500 balance owed by Jankovich Co, a bankrupt business, and wrote off the remainder as uncollectible. Apr. 18 Reinstated the account of Vince Karm, which had been written off in the preceding year as uncollectible. Journalized the receipt of $7,430 cash in full payment of Karm's account. Aug. 9 Wrote ofl the $6,470 balance owed by Golden Stallion Co, which has no assets. Nov, 7 Reinstated the account of Wiley Co, which had been written off in the preceding year as uncollectible. Joumalized the receipt of $3.870 cash in full payment of the account. Dec. 31 Wrote oft the following accounts as uncollectible (one entry): Claire Moon inc., \$7,245; Jet Set Co. $5,595; Randall Distributors, \$9,500; Harmonic Audio, $1,060. 31 Based on an analysis of the $1,769,500 of accounts recelvable. It was estimated that $35,390 will be uncollectible. Joumalized the adjusting entry. Required: 1. Aecord the January 1 credit balance of $25,330 in a T account for Alowance for Doubtlumdecounts." 2. a. Joumalize the transactions. For the December 31 adjusting entry, assume the $1,769,500 balance in accounts recelvablo reflects the adjustments made during the year. Refer to the chart of accounts for the exnct wording of the account taties. CNOWjocmals do not use ines for joumal explanations. Every line on a joumal page is used for debit or credit entries. CNOW journals will automascally indent a creolit entry when a credit amount is entered. 1. Record the January 1 credit balance of $25,330 in a T account for Allowance for Doubtful Accounts.: 2. a. Joumalize the transactions. For the December 31 adjusting entry, assume the $1,769,500 balance in accounts receivable refiects the adjustments made during the year. Refer to the chart of accounts for the exact wording of the account bliles. CNOW journals do not use lines for joumal explanations. Every line on a journal page is used for debit or credit entries. CNOW/oumals will automatically indent a credit entry when a credit amount is entered. b. Post each entry that affects the following selected T accounts and determine the new balances: Aliowance for Doubthul Accounts and Bad Debt Expense. 3. Determine the expected net realizable value of the accounts receivable as of December 31 (after alf of the adjustments and the adiusting entry) 4. Assuming that instead of basing the provision for uncollectible accounts on an analysis of ceceivables the adjusting ontry on December 31 had been based on an estimated expense of 14 of 1% of the sales of $18,430,000 for the year, determine the following: a. Bad debt expense for the yoar. b. Bafance in the allowance account affer the adjustment of December 31 . c. Expected net realizable value of the accounts receivable as or December 31 . "The ending balance label is provided on the lent side of the T account even when the ending balance is a credit. The unused cell on the balence line should be left blank