Allowance Method Journalize the following transactions, using the allowance method of accounting for uncollectible receivables. Mar. 17: Received $3,390 from Keith MacPhearson and wrote off the remainder owed of $4,780 as uncollectible. If an amount box does not require an entry, leave it blank. Mar. 17 Cash Allowance for Doubtful Accounts Accounts Receivable-Keith MacPhearson Feedback Check My Work When a customer account is identified as uncollectible, it is written off against the allowance account. July 29: Reinstated the account of Keith MacPhearson and received $4,780 cash in full payment. July 29 Accounts Receivable-Keith MacPhearson Allowance for Doubtful Accounts July 29 Cash Accounts Receivable-Keith MacPhearson Percent of Sales Method At the end of the current year, Accounts Receivable has a balance of $755,000; Allowance for Doubtful Accounts has a credit balance of $7,000; and sales for the year total $3,400,000. Bad debt expense is estimated at 1/4 of 1% of sales. a. Determine the amount of the adjusting entry for uncollectible accounts. $ b. Determine the adjusted balances of Accounts Receivable, Allowance for Doubtful Accounts, and Bad Debt Expense. Accounts Receivable Allowance for Doubtful Accounts Bad Debt Expense c. Determine the net realizable value of accounts receivable. Analysis of Receivables Method At the end of the current year, Accounts Receivable has a balance of $590,000; Allowance for Doubtful Accounts has a credit balance of $5,500; and sales for the year total $2,660,000. Using the aging method, the balance of Allowance for Doubtful Accounts is estimated as $25,900. a. Determine the amount of the adjusting entry for uncollectible accounts. s b. Determine the adjusted balances of Accounts Receivable, Allowance for Doubtful Accounts, and Bad Debt Expense. Accounts Receivable Allowance for Doubtful Accounts Bad Debt Expense c. Determine the net realizable value of accounts receivable