The following transactons were completed by Emmanuet Company during the current fiscal year ended December 31 : Jan 29 Received 40% of the $17,000 balance owed by Jankovich CO0, a bankupt business, and wrote off the remainder as uncollectible. ApL. 18 Reinstated the account of Vince Karm, which had been written off in the preceding year as uncollectible. Journalized the receipt of $7,560 cash in full payment of Karm's account. Aug 9 Wrote off the $22,380 balance owed by Golten Stallion CO, which bas no assets Nov 7 Reinstated the account of Wiey Co, which had been writen off in the preceding year as uncollectible. Journalzed the receipt of $13,220 cash in full payment of the account Dec 31 Wrole of the following accounts as uncollectible (one entry) Claire Moon inc, \$22, 960, Jet Set Co \$15,320, Randall Distributors, \$41,460, Harmonic Audio, $18,890 31 Based on an analysis of the $2,740,000 of accounts fecelvable it was estimated that $113,330 will be $15,320, Randall Distributors, $41,460, Harmonic Audio, $18,890 31 Based on an analysis of the $2,740,000 of accounts receivable, it was estimated that $113,330 wil be. uncollectble. Journalized the adjusting entry: Required: 1. Record the January t credit balance of $102,380 in a 7 account for Allowance for Doublfur Accounts * 2. a Joumalize the transactions. For the December 31 adjusting entry assume che $2,740,000 balance in accounts receivale reflects the adjustments made during the year. Refer to the chart o' accounts for the exact wording of the account biles. CNOW joumals do not wse fines when a credt amount is entered. Deot Expense* I b. Post each entry that affects the following selected Taccounts and determine the new balances Allowance for Doubtful Accounts and Bad Debt Expense: 3. Determine the expected pet realzable value of the accounts receivable as or December 31 (affer all of the adjustments and the adjusting entry) 4. Assuming that instead of basing the provision for uncollectible accounts on an analysis of recewables the adiusting entry on December 31 had been based on an estimated expense of % of 1% of the sales of $24,900,000 for the year, determine the foinowing: a. Bad deot expense for the year b. Balance in the allowance account affer the adjustment or Decomber 31. c. Expected net realizable value of the accounts recenable as of December 31 The ending balance label is provided on the left side of the traccount even when the ending balance is a credit. The unused cerf on the balance line should be left blank