Direct Write-Off Method Journalize the following transactions, using the direct write-off method of accounting for uncollectible receivables. Mar. 17: Received $2,710 from Ian Kearns and wrote off the remainder owed of $4,770 as uncollectible. If an amount box does not require an entry, leave it blank. Mar. 17 59 July 29: Reinstated the account of Ian Kearns and received $4,770 cash in full payment. Reinstate Collection Journalize the following transactions, using the allowance method of accounting for uncollectible receivables. Mar. 17: Received $2,690 from William Pruitt and wrote off the remainder owed of $5,700 as uncollectible. If an amount box does not require an entry, leave it blank Mar. 17 July 29: Reinstated the account of William Pruitt and received $5,700 cash in full payment Reinstate Collection Percent of Sales Method At the end of the current year, Accounts Receivable has a balance of $760,000; Allowance for Doubtful Accounts has a credit balance of $7,000; and sales for the year total $3,420,000. Bad debt expense is estimated at 1/4 of 1% of sales. 1. Determine the amount of the adjusting entry for uncollectible accounts. 15,550 X 2. Determine the adjusted balances of Accounts Receivable, Allowance for Doubtful Accounts, and Bad Debt Expense. Accounts Receivable 760,000 V 8,550 X Allowance for Doubtful Accounts Bad Debt Expense 15,550 X 3. Determine the net realizable value of accounts receivable. 751,450 X