Obj.4 fiscal year PR 8-1B Allowance method entries 3. $2,290,000 The following transactions were completed by Wild Trout Gallery during the current fis ended December 31: 19. Reinstated the account of Arlene Gurley, which had been written off in the preceding year as uncollectible. Journalized the receipt of $2660 cash in full payment of Arlene's account. Wrote off the $12,750 balance owed by Premier GS Co, which is bankrupt. remainder as uncollectible. Recorded the receipt of $4,000 cash in full payment. Lake Furniture, $11,400; Melinda Shryer, $1,200. uncollectible. Journalized the adjusting entry. Jan. GENERAL LEDGER Apr. 3. July 16. Received 25% of the$22,000 balance owed by Hayden Co., a bankrupt business, and wrote off the Nov. 23. Reinstated the account of Harry Car, which had been written off two years earlier as uncollec Dec. 31. Wrote off the following accounts as uncollectible (compound entry: Cavey Co, $3,300, Fogle Co, $58./0 31. Based on an analysis of the $2,350,000 of accounts receivable, it was estimated that $60,000 will be Instructions 1. Record the January 1 credit balance of $50,000 in a T account for Allowance for Doubtful Accounts 2. Journalize the transactions. Post each entry that affects the following selected T accounts and determine the new balances: Allowance for Doubtful Accounts Bad Debt Expense 3. Determine the expected net realizable value of the accounts receivable as of December 31. 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 of 1% of the sales of $15,800,000 for the year, determine the following