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Allowance method entries

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The following transactions were completed by Irvine Company during the current fiscal year ended

Feb. $8$ Received $40\%$ of the $$18,000$ balance owed by DeCoy Co$.,$ a bankrupt busines remainder as uncollectible.

May $27$ Reinstated the account of Seth Nelsen, which had been written off in the precedin uncollectible. Journalized the receipt of $$7,350$ cash in full payment of Seth's acco

Aug. $13$ Wrote off the $$6,400$ balance owed by Kat Tracks Co$,$ which has no assets.

Oct. $31$ Reinstated the account of Crawford Co$.,$ which had been written off in the precedir uncollectible. Journalized the receipt of $$3,880$ cash in full payment of the account

Dec. $31$ Wrote off the following accounts as uncollectible $($compound entry$)$: Newbauer Co$.$ Co$.,$ $$5,500$; Crow Distributors, $$9,400$; Fiber Optics, $$1,110$

Dec. $31$ Based on an analysis of the $$1,785,000$ of accounts receivable, it was estimated th