The following transactions were completed by irvine Compariy duting the carrent fiscal year ended December 31 . Feb. 8 Recoived 40% of the $18,200 balance oviod by DeCoy Co, a bankrupt businoss, and wrole off the remainder as uncolecbble May 27 Reinstated the account of Seth Nelsen, which had been written off in the preceding year as uncollectible. Joumalized the receipt of $7,400 cash in fut payment of Seth's account. Aug. 13 Wrote of the $6,465 balance owed by Kat Tracks Co 4
​ which has no assets Oct 31 Reinstated the account of Crawlord Co, which had been written off in the preceding year as uncollechble. Journalzed the receipt of $3,830 cash in full payment of the account. Dec.31 Wrote of the following accounts as uncollectible (compound entry). Newbater Co, $7,190, Bonnevile Co ,$5,510, Crow Distributors, $9,410; Fiber Optics, $1,205 Dec. 31 Based on an analysis of the $1,820,500 of accounts feceivable, it was estimated that $36,410 will bie uncolectible. Joufnalized the adjusting entry: 1. Record the January 1 credt batance of $25,415 in a Teaccouint for Alowance for Doubtful Accounts. 2. A Joumalize the transoctions: Refer to the Chart of Accounfs for exact wording of account ithes B. Post each entry that affects the following selected T-eccounts and determine the new balances. Allowance for Doubtil Accounts and Bad Debt Expense. 3. Determine the expected not restizable value of the accounts receviahe as or December 31 (antor ail of the adjustments and the adjusting entry). 4 Assuming that instead of basing the provision for uncollectble accounts on an analysis of recedvabse the adi usting entry on December 31 had been based on an estimated expense of 16 of 1% of the net saies of $18,350,000 for the year, determine the following A. Bad debt expense for the year. B. Baiance in the allowance account affer the adustment of December 31 . C. Expected net reatrabie varce of the accounts receivabie as of Decomber 31 .