The following transactions were completed by wild Trout Gallery during the current fiscal year ended December 31 : January 19. Reinstated the account of Arlene Gurley, which had been written off in the preceding year as uncollectible. Journatized the receipe of $1,550 cash in full payment of Ariene's account. April 3. Wrote off the $8,880 balance owed by Premier GS Co., which is bankrupt. 3uly 16. Recelved 30% of the $15,900 balance owed by Hayden Co., a bankrupt business, and wrote off the remainder as uncollectible. November 23. Reinstated the account of Harry Carr, which had been written off two years earier as uncollectible. Recorded the receipt of $2,525 cash in full payment. December 31. Wrote off the following accounts as uncollectible (compound entry): Cavey Co.4 $6,680; Fogle Co, $1,985; Lake Furniture, $5,100; Melinda Shiyer, $1,440, December 31 Based on an analysis of the $786,600 of accounts recelvable, it was estimated that $34,200 will be uncollectibie. Jourmalized the adjusting entry. Required: 1. Record the January 1 credit balance of $32,600 in a T account presented below in requirement 2b for Allowance for Doubdful Accounts. 2. 3. Journalize the transactions. If an amount box does not require an entry, leave it blank. Note: For the December 31 adjusting entry, assume the $786,600 b. accounts receivable reflects the adjustments made during the year. Apr. 3 July 16 Nov. 23 Nov. 23 Dec. 31 Dec. 31 3. Determine the expected net realizabie value of the accounts recelvable 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 receivabies, the adjusting entry on December 31 had been based on an estimated expense of y1 of 1% of the sales of $4,860,000 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 . The following transactions were completed by Wild Trout Gallery during the current fiscal year ended December 31: : January 19. Reinstated the account of Arlene Gurley, which had been written off in the preceding year as uncollectible. Journalized the receipt of $1,550 cash in full payment of Arlene's account. Apil 3. Wrote off the $8,880 balance owed by Premier 65Co, which is bankrupt. July 16 Received 30% of the $15,900 bolance owed by Hayden Co, a bankrupt busliness, and wrote off the remainder as uncollectible. November 23. Reinstated the account of Harry Carf, which had been written off two years earlier as uncollectible. Recorded the receipt of $2,525 cash in full payment. December 31. Wrote off the following accounts as uncollectible (compound entry): Cavey Co. 56,680; Fogle Co.; $1,985; Lake Furniture, 55,100; Melinda Shryer, $1,440. December 31. Based on an analysis of the $786,600 of accounts receivable, it was estimated that $34,200 will be uncollectible, 30u arnalized the adjusting entry. Required: 1. Record the January 1 credit balance of $32,600 in a T account presented below in requirement 2b for Alowance for Dovbeful Accounts. 2. a. Journaize the transactions. If an amount bok does not require an entry, leave it blank. Note: for the December 31 adjusting entry, assume the s786, 600 balance in accounts recelvable reflects the adjustments made during the year. jain. 19 Jan. 19 Apr. 3 July 16 Nov. 23 Nov. 23 Dec. 31 Dec. 31 2. b. Post each entry that affects the following T accounts and determine the new balances: 3. Determine the expected net realuable 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 receivables, the adjusting entry on December 31 had been based on an estimated expense of V2 of 1% of the sales of $4,860,000 for the year, determine the following: a. biad debt expense for the year. b. Balance in the allowance account after the adjustment of December 31