The following transactions were completed by Irvine Company during the current fiscal year ended December 31 : Feb, 8 Received 40% of the $18,500 balance owed by DeCoy Co., a bankrupt business, and wrote off the remainder as uncollectible. May 27 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., $7,245; Bonneville Co., \$5,595; Crow Distributors, \$9,500; Fiber Optics, \$1,060. Dec, 31 Based on an analysis of the $1,769,500 of accounts receivable, it was estimated that $35,390 will be uncollectible. Journalized the adjusting entry. Required: 1. Rocord the January 1 credit balance of $25,330 in a T-account for Allowance for Doubtful Accounts. Ca. \$5,595; Crow Distributors, \$9,500; Fiber Optics, \$1,060. Dec. 31 Based on an analys of the $1,769,500 of accounts receivable, I was estimated that $35,390 will bo uncoliectible. Journalized the adjusting entry. Aequired: 1. Fecord the danuay 1 credit balance of 525,330 in a T-account for Allowance for Doubifud Accounts. 2. A Joumalize the transactions. b. Post each enty frat affects the folfowing sebcited T raccounts and determine the new batances: Allowance for Doubtful Accounts and Bad Debt Epense 3. Defermine the expected netiseakabie valie of the acceints recentable as of December 31 . 4. Assuming that instead of busing the provision for uncollectible accounts an an analysis of cecenabless, the acpusting entry on December 31 had been based an an estmaled experiee of 4 of 15 of the sales of $18,430,000 for the yeat, determine the following: a. Datidectevente for the year. b. Balance in the asowance account after the adiustment of Docember 31 . c. Expected net realzabile value of the acoounts receivable as of December 31. Chart of Accounts CHART OF ACCOUNTS Irvine Company General Ledger ASSETS REVENUE 110 Cash 410 Sales 111 Petty Cash 610 Interest Revenue 121 Acoounts Receivable-DeCoy Co. 122 Accounts Recelvable-Seth Nelsen EXPENSES 123 Accounts Receivable-Kat Tracks Co. 510 Cost of Goods Sold 124 Accounts Receivable-Crawford Co. 520 Sales Salaries Expense 125 Accounts Recelvable-Newbauer Co. 521 Advertising Expense 126 Acoounts Receivable-Bonnevillo Co. 522 Depreciation Expense-Store Equipment Allowance method entries Instructions Chart of Accounts FeAcoouhts General Jourmal Final Questions Chart of Accounts 127 Accounts Recoivabla-Crow Dstributors 523 Delivery Expense 128 Acoounts Recelvable-fiber Optics 524 Repairs Expense 129 Allowance for Doubtful Accounts 529 Soling Expenses 131 Interest Receivable 530 Omice Salaties Expenso 132 Noces Receivable 531 Rent Expense 141 Merchandise inventory 532 Depreciation Expense-Office Equipment 145 Olfice Supplies 533 Insurance Expense 146 Siore Supplies 534 Office Supplies Expense 151. Prepaid Insurance 535 Store Supplies Expense 181 Land 536 Credit Card Expense 191 Store Equipment 537 Cash Short and Over 192 Accumulated Depreclation-Store Equipment 538 Bad Debt Expense 193 Office Equipment 539 Miscellaneous Expenso 194 Accumulated Depreciation-OHice Equipment 710 Interest Expense Allowance method entries Instrucllons Chart of Aceounts TrAceounts Eeneral dournal Final Ouostlons Chart of Accounts LIABILITIES 210 Accounts Payable 211 Salaries Payable 213 Sales Tax Payable 214 Interest Payable 215 Notes Payable EQUITY 310 Common Stock 311 Retained Eamings 312 Dividends 1. Fecord the Lancary f creat balance of $25,330 in a Tacoount for Alowance for Doubiful Accounts. 2h. Post each entry that atfects the following selected T-aceounts and determine the new batances: Allowance for Doubttul Accounts and 2a. Jourtilize the transacfiorts- 3. Determine the expected net realgable value of the accounts recenable as of December 31 (after all of the adjustments and the affisting eniry). 4. Assuming that instesed of basing the provision for uncollectible accounts an an analysis of receivables, the adfusting entry on December 3t had been based on an estimated expense of of 1 ts of the sales of $18,430.000 for the year, delermine the following: a. Bod debt expense for the yoar. b. Balance in the allowance acoount after the adjustment of December 31. Expected net realizable value of the accounts receivable as of December 31