The following transactions were completed by The Wild Trout Gallery during the current fiscal year ended December 31:

Jan.	19	Reinstated the account of Arlene Gurley, which had been written off in the preceding year as uncollectible. Journalized the receipt of $1,825 cash in full payment of Arlenes account.
Apr.	3	Wrote off the $10,460 balance owed by Premier GS Co., which is bankrupt.
July	16	Received 25% of the $18,800 balance owed by Hayden Co., a bankrupt business, and wrote off the remainder as uncollectible.
Nov.	23	Reinstated the account of Harry Carr, which had been written off two years earlier as uncollectible. Recorded the receipt of $2,975 cash in full payment.
Dec.	31	Wrote off the following accounts as uncollectible (one entry): Cavey Co., $7,865; Fogle Co., $2,335; Lake Furniture, $6,005; Melinda Shryer, $1,695.
	31	Based on an analysis of the $924,600 of accounts receivable, it was estimated that $40,200 will be uncollectible. Journalized the adjusting entry.

Required:

1. Record the January 1 credit balance of $38,300 in a T account presented below in requirement 2b for Allowance for Doubtful Accounts.

2. a. Journalize the transactions. If an amount box does not require an entry, leave it blank. Note: For the December 31 adjusting entry, assume the $924,600 balance in accounts receivable reflects the adjustments made during the year.

Jan. 19-reinstate		fill in the blank c159a1fdc038072_2	fill in the blank c159a1fdc038072_3
		fill in the blank c159a1fdc038072_5	fill in the blank c159a1fdc038072_6
Jan. 19-collection		fill in the blank c159a1fdc038072_8	fill in the blank c159a1fdc038072_9
		fill in the blank c159a1fdc038072_11	fill in the blank c159a1fdc038072_12
Apr. 3		fill in the blank c159a1fdc038072_14	fill in the blank c159a1fdc038072_15
		fill in the blank c159a1fdc038072_17	fill in the blank c159a1fdc038072_18
July 16		fill in the blank c159a1fdc038072_20	fill in the blank c159a1fdc038072_21
		fill in the blank c159a1fdc038072_23	fill in the blank c159a1fdc038072_24
		fill in the blank c159a1fdc038072_26	fill in the blank c159a1fdc038072_27
Nov. 23-reinstate		fill in the blank c159a1fdc038072_29	fill in the blank c159a1fdc038072_30
		fill in the blank c159a1fdc038072_32	fill in the blank c159a1fdc038072_33
Nov. 23-collection		fill in the blank c159a1fdc038072_35	fill in the blank c159a1fdc038072_36
		fill in the blank c159a1fdc038072_38	fill in the blank c159a1fdc038072_39
Dec. 31-write-off		fill in the blank c159a1fdc038072_41	fill in the blank c159a1fdc038072_42
		fill in the blank c159a1fdc038072_44	fill in the blank c159a1fdc038072_45
		fill in the blank c159a1fdc038072_47	fill in the blank c159a1fdc038072_48
		fill in the blank c159a1fdc038072_50	fill in the blank c159a1fdc038072_51
		fill in the blank c159a1fdc038072_53	fill in the blank c159a1fdc038072_54
Dec. 31-adjusting		fill in the blank c159a1fdc038072_56	fill in the blank c159a1fdc038072_57
		fill in the blank c159a1fdc038072_59	fill in the blank c159a1fdc038072_60

2. b. Post each entry that affects the following T accounts and determine the new balances:

Allowance for Doubtful Accounts
	fill in the blank a32e9d077fb3f81_2	Jan. 1 Balance	fill in the blank a32e9d077fb3f81_3
	fill in the blank a32e9d077fb3f81_5		fill in the blank a32e9d077fb3f81_7
	fill in the blank a32e9d077fb3f81_9		fill in the blank a32e9d077fb3f81_11
			fill in the blank a32e9d077fb3f81_13
			fill in the blank a32e9d077fb3f81_15
		Dec. 31 Adjusted Balance	fill in the blank a32e9d077fb3f81_16

Bad Debt Expense
	fill in the blank a32e9d077fb3f81_18

3. Determine the expected net realizable value of the accounts receivable as of December 31 (after all of the adjustments and the adjusting entry). $fill in the blank f50f65042f9df9a_1

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 of 1% of the sales of $5,710,000 for the year, determine the following:

a. Bad debt expense for the year. $fill in the blank f50f65042f9df9a_2

b. Balance in the allowance account after the adjustment of December 31. $fill in the blank f50f65042f9df9a_3

c. Expected net realizable value of the accounts receivable as of December 31 (after all of the adjustments and the adjusting entry). $fill in the blank f50f65042f9df9a_4