Question: I am so lost on this exercise, can someone help me, last slide is a sample on the general ledger that I stated. Thank you
Problems Series B PR 8-1B Entries related to uncollectible accounts OBJ. The following transactions were completed by The Wild Trout Gallery during the current 3. $2,290,000 fiscal year ended December 31: Jan. 19. Reinstated the account of Arlene Gurley, which had been written off in the preceding year as uncollectible. Journalized the receipt of $2,660 cash in full payment of Arlene's account. Apr. 3. Wrote off the $12,750 balance owed by Premier GS Co., which is bankrupt. July 16. Received 25% of the $22,000 balance owed by Hayden Co., a bankrupt business, and wrote off the remainder as uncollectible. Nov 23. Reinstated the account of Harry Carr, which had been written off two years ear- lier as uncollectible. Recorded the receipt of $4,000 cash in full payment. Dec. 31. wrote off the following accounts as uncollectible compound entry): Cavey Co., $3,300; Fogle Co., $8,100; Lake Furniture, $11,400; Melinda Shryer, $1,200. 31. Based on an analysis of the $2,350,000 of accounts receivable, it was estimated that $60,000 will be uncollectible. Journalized the adjusting entry. Instructions 1. Record the January 1 credit balance of $50,000 in a T account for Allowance for Doubtful Accounts
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