The following transactions were completed by Irvine Company during the current fiscal year ended December 31: Feb. 8 May 27 Aug. 13 Oct. 31 Received 40% of the $17,000 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 $7,405 cash in full payment of Seth's account. Wrote off the $6,460 balance owed by Kat Tracks Co., which has no assets. Reinstated the account of Crawford Co., which had been written off in the preceding year as uncollectible. Journalized the receipt of $3,940 cash in full payment of the account Wrote off the following accounts as uncollectible (compound entry): Newbauer Co. S7,095: Bonneville Co., $5,540; Crow Distributors. $9.495: Fiber Optics, $1,035. Based on an analysis of the $1,782,000 of accounts receivable, it was estimated that $35,640 will be uncollectible. Journalized the adjusting entry Dec. 31 Dec. 31 1. Record the January 1 credit balance of $25,615 in a T-account for Allowance 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 Dou Debt Expense. 3. Determine the expected na realizable value of the accounts receivable as of December 31. (after all of the adhustment Journal Shadod dve feed JOURNAL Score: 0/249 ACCOUNTING EQUATION DATE DESCRIPTION POST. REF DEBIT CREDIT ASSETS LIABILITIES EQUITY 1 . 10 11 12 14 Journal Shaded cells have drack 5 $ T 1 2 10 11 11 14 15 16 17 18 15 20 Shaded cells have feedback. A Final Questions 3. Determine the expected netreazablo valop of the accounts receivable as of December 31 (after all of the adjustments and the adjusting entry) Points 071 Feedback Check My Work 4. Assuming that instead of basing the provision for uncollectible accounts on an analysis of conables the adjusting entry on December 31 had been based on an estimated expense of of 1% of the net sales of $17,760,000 for the year, determine the following: A Bad debtspanse for the year. S Points 0/1 Balance in the allowance account after the adjustment of December 31. 1. Record the January 1 credit balance of $25,615 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 Debt Expense Allowance for Doubtful Accounts Feb. 8 Jan, 1 Balance Aug. 13 May 27 Dec. 31 Oct 31 Dec 31 Adjusting Entry Dec. 31 Adj Balance Bad Debt Expense Dec. 31 Adjusting Entry CHART OF ACCOUNTS Irvine Company General Ledger ASSETS REVENUE 110 Cash 410 Sales 610 Interest Revenue EXPENSES 510 Cost of Goods Sold 520 Sales Salaries Expense 111 Petty Cash 121 Accounts Receivable-Decoy Co. Accounts Receivable-Seth Nelsen 123 Accounts Receivable-Kat Tracks Co. 124 Accounts Receivable-Crawford Co. 125 Accounts Receivable-Newbauer Co. 126 Accounts Receivable-Bonneville Co. 127 Accounts Receivable-Crow Distributors 128 Accounts Receivable-Fiber Optics 129 Allowance for Doubtful Accounts 131 Interest Receivable 521 Advertising Expense 522 Depreciation Expense-Store Equipment 523 Delivery Expense 524 Repairs Expense 529 Selling Expenses 530 Office Salaries Expense 531 Rent Expense 132 Notes Receivable 141 Merchandise Inventory 532 Depreciation Expense-Office Equipment HE DA GA 539 Inertronco Evnenes Chart of Accounts 126 Accounts Receivable-Bonneville Co. 127 Accounts Receivable-Crow Distributors 522 Depreciation Expense-Store Equipment 523 Delivery Expense 524 Repairs Expense 128 Accounts Receivable-Fiber Optics 129 Allowance for Doubtful Accounts 529 Selling Expenses 131 Interest Receivable 530 Office Salaries Expense 132 Notes Receivable 531 Rent Expense 532 Depreciation Expense-Office Equipment 141 Merchandise Inventory 145 Office Supplies 146 Store Supplies 533 Insurance Expense 534 Office Supplies Expense 535 Store Supplies Expense 151 Prepaid Insurance 181 Land 536 Credit Card Expense 191 Store Equipment 537 Cash Short and Over 192 Accumulated Depreciation-Store Equipment 193 Office Equipment 194 Accumulated Depreciation Office Equipment 538 Bad Debt Expense 539 Miscellaneous Expense 710 Interest Expense LIABILITIES 210 Accounts Payable 211 Salaries Payable 213 Sales Tax Payable