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 $18,000 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 $7,350 cash in full payment of Seth's account. Wrote off the $6,400 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 $3.000 cash in full payment of the account. Wrote of the following accounts as uncollectible (compound entry): Newbauer Co. 57.190: Bonneville Co., 85,600; Crow Distributors, 50,400, Fiber Optics, S1,110 Based on an analysis of the $1.785,000 of accounts receivable, it was estimated that 835.700 ww bo uncollectible. Journalized the adjusting entry Dec. 31 Dec. 31 1. Record the January 1 credit balance of $20,000 in aT.account for Allowance for Door Accounts 2. A Journalize the transactions. Refer to the Chart of Accounts for exact wording of account rus. B. Posteach entry that affects the following selected Taccounts and determine the new balances: Allowance for DoubwAccounts and Bar Debt Expenso 3. Determine the expected netreazale value of the conceivable as of December 1 (atural of the acts and mechang Debt Expense 3. Dotermine the expected not reatzable 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 recomes the adjusting entry on December 31 had been based on an estimated expense of of 1% of the net sales of $18.200.000 for the year, determine the following A Bad debt expense for the year B Balance in the allowance account after the adjustment of December 31 Expected net realizable value of the accounts receivable as of December 31 NENE CHART OF ACCOUNTS Irvine Company General Ledger ASSETS REVENUE 110 Cash 410 Sales 610 Interest Revenue 111 Petty Cash 121 Accounts Receivable-DeCoy Co. 122 Accounts Receivable-Seth Nelsen EXPENSES 123 Accounts Receivable-Kat Tracks Co. 510 Cost of Goods Sold 124 Accounts Receivable-Crawford Co. 125 Accounts Receivable-Newbauer Co. 520 Sales Salaries Expense 521 Advertising Expense 522 Depreciation Expense-Store Equipment 523 Delivery Expense 126 Accounts Receivablo-Bonneville Co. 127 Accounts Receivable-Crow Distributors 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 132 Notes Receivable 531 Rent Expense 141 Merchandise Inventory 532 Depreciation Expense-Office Equipment 145 Office Supplies 533 Insurance Expense 146 Store Supplies 534 Office Supplies Expense 151 Prepaid Insurance 535 Store Supplies Expense 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 Expense 710 Interest Expense LIABILITIES 210 Accounts Payable 211 Salaries Payable 213 Sales Tax Payable 214 Interest Payable 215 Notes Payable 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 1. Record the January 1 credit balance of $26,000 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 Jan. 1 Balance Dec 31 Adj Balance Bad Debt Expense 2. A. Joumalize the transactions. Retor to the Chart of Accounts for exact worting of account bties. PAGE 10 JOURNAL ACCOUNTING EQUATION DATE DESCRIPTION POST. REF DEBIT CREDIT ASSETS LABUITIES EQUITY 2 3. Determine the expected net realizablo value of the secondes receivable as of December 31 (aller at of the aqustments and the adjusting entry) 4. Assuming that instead of basing the provision for collectible accounts on an atawa c receivables, me fustig entry on December T has been based on an estimated experts of of 1% of the net sales of $1,200,000 for the year, determine the following A Bad.delileranse for the year B.Balance in the allowance account at the adjustment of December 31,5 C. Expected netreble value of the accounts receivable as of December 31 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 $18,000 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 $7,350 cash in full payment of Seth's account. Wrote off the $6,400 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 $3.000 cash in full payment of the account. Wrote of the following accounts as uncollectible (compound entry): Newbauer Co. 57.190: Bonneville Co., 85,600; Crow Distributors, 50,400, Fiber Optics, S1,110 Based on an analysis of the $1.785,000 of accounts receivable, it was estimated that 835.700 ww bo uncollectible. Journalized the adjusting entry Dec. 31 Dec. 31 1. Record the January 1 credit balance of $20,000 in aT.account for Allowance for Door Accounts 2. A Journalize the transactions. Refer to the Chart of Accounts for exact wording of account rus. B. Posteach entry that affects the following selected Taccounts and determine the new balances: Allowance for DoubwAccounts and Bar Debt Expenso 3. Determine the expected netreazale value of the conceivable as of December 1 (atural of the acts and mechang Debt Expense 3. Dotermine the expected not reatzable 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 recomes the adjusting entry on December 31 had been based on an estimated expense of of 1% of the net sales of $18.200.000 for the year, determine the following A Bad debt expense for the year B Balance in the allowance account after the adjustment of December 31 Expected net realizable value of the accounts receivable as of December 31 NENE CHART OF ACCOUNTS Irvine Company General Ledger ASSETS REVENUE 110 Cash 410 Sales 610 Interest Revenue 111 Petty Cash 121 Accounts Receivable-DeCoy Co. 122 Accounts Receivable-Seth Nelsen EXPENSES 123 Accounts Receivable-Kat Tracks Co. 510 Cost of Goods Sold 124 Accounts Receivable-Crawford Co. 125 Accounts Receivable-Newbauer Co. 520 Sales Salaries Expense 521 Advertising Expense 522 Depreciation Expense-Store Equipment 523 Delivery Expense 126 Accounts Receivablo-Bonneville Co. 127 Accounts Receivable-Crow Distributors 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 132 Notes Receivable 531 Rent Expense 141 Merchandise Inventory 532 Depreciation Expense-Office Equipment 145 Office Supplies 533 Insurance Expense 146 Store Supplies 534 Office Supplies Expense 151 Prepaid Insurance 535 Store Supplies Expense 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 Expense 710 Interest Expense LIABILITIES 210 Accounts Payable 211 Salaries Payable 213 Sales Tax Payable 214 Interest Payable 215 Notes Payable 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 1. Record the January 1 credit balance of $26,000 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 Jan. 1 Balance Dec 31 Adj Balance Bad Debt Expense 2. A. Joumalize the transactions. Retor to the Chart of Accounts for exact worting of account bties. PAGE 10 JOURNAL ACCOUNTING EQUATION DATE DESCRIPTION POST. REF DEBIT CREDIT ASSETS LABUITIES EQUITY 2 3. Determine the expected net realizablo value of the secondes receivable as of December 31 (aller at of the aqustments and the adjusting entry) 4. Assuming that instead of basing the provision for collectible accounts on an atawa c receivables, me fustig entry on December T has been based on an estimated experts of of 1% of the net sales of $1,200,000 for the year, determine the following A Bad.delileranse for the year B.Balance in the allowance account at the adjustment of December 31,5 C. Expected netreble value of the accounts receivable as of December 31