2. b. Post each entry that affects the following T accounts and determine the new balances: Allowance for Doubtful Accounts Apr. 3 Jan. 1 Balance July 16 Jan. 19 Dec. 31 Nov. 23 Dec. 31 Unadjusted Balance Dec. 31 Adjusting Entry Dec. 31 Adjusted Balance Bad Debt Expense Dec. 31 Adjusting Entry3. Determine the expected net realizable 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 2 of 1% of the sales of $7,170,000 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. c. Expected net realizable value of the accounts receivable as of December 31 (after all of the adjustments and the adjusting entry). { ) 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 $2,290 cash in full payment of Arlene's account. April 3. Wrote off the $13,120 balance owed by Premier GS Co., which is bankrupt. July 16. Received 40% of the $23,500 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 earlier as uncollectible. Recorded the receipt of $3,735 cash in full payment December 31. Wrote off the following accounts as uncollectible (compound entry): Cavey Co., $9,870; Fogle Co., $2,930; Lake Furniture, $7,535; Melinda Shryer, $2,130. December 31. Based on an analysis of the $1,161,500 of accounts receivable, it was estimated that $50,500 will be uncollectible. Journalized the adjusting entry. Required: 1. Record the January 1 credit balance of $48,100 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 $1,161,500 balance in accounts receivable reflects the adjustments made during the year. Jan. 19 Accounts Receivable-Arlene Gurley 2,290 V Allowance for Doubtful Accounts 2,290 Jan. 19 Cash 2.290 Accounts Receivable-Arlene Gurley 2,290 Apr. 3 Allowance for Doubtful Accounts - 13,120 V Accounts Receivable-Premier GS Co. 13,120 V July 16 Cash - V 9,400 V Allowance for Doubtful Accounts 14,100 Accounts Receivable-Hayden Co. 23,500 V Nov. 23 Accounts Receivable-Harry Carr 3,735 Allowance for Doubtful Accounts 3,735 V Nov. 23 Cash - V 3,735 Accounts Receivable-Harry Carr 3,735 V Dec. 31 Allowance for Doubtful Accounts 22,465 Accounts Receivable-Cavey Co. 9,870 V Accounts Receivable-Fogle Co. 2,930 V Accounts Receivable-Lake Furniture 7,535 V Accounts Receivable-Melinda Shryer 2,130 Dec. 31 Bad Debt Expense 50,500 X Allowance for Doubtful Accounts 50,500 X