Please answer this ASAP I need it by tonight!!!And please don't cut off the answers. I already answered the first part I just need the allowance for doubtful account and the bad debt expense parts answered 2. b. Post each entry that affects the following T accounts and determine the new balances:Allowance for Doubtful AccountsApr. 3Jan. 1 BalanceJuly 16Jan. 19Dec. 31Nov. 23Dec. 31 Unadjusted BalanceDec. 31 Adjusting EntryDec. 31 Adjusted BalanceBad Debt ExpenseDec. 31 Adjusting Entry3. Determine the expected net realizable value of the accounts receivable as of December 31 (after all of the adjustments and the adjusting ently).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 $7,510,000 for the year, determine the following:a. Bad debt expense for the year.b. Balance in the allowance account after the adjustment of December 31.C. Expected net realizable value of the accounts receivable as of December 31 (after all of the adjustments and the adjusting entry). Jan. 19 Reinstated the account of Arlene Gurley, which had been written off in the preceding yearas uncollectible. Journalized the receipt of $2,400 cash in full payment of Arlene'saccount.Apr. 3 Wrote off the $13,750 balance owed by Premier GS Co., which is bankrupt.July 16 Received 40% of the $24,700 balance owed by Hayden Co., a bankrupt business, andwrote off the remainder as uncollectible.Nov. 23 Reinstated the account of Harry Carr, which had been written off two years earlier asuncollectible. Recorded the receipt of $3,910 cash in full payment.Dec. 31 Wrote off the following accounts as uncollectible (one entry): Cavey Co., $10,345; FogleCo., $3,070; Lake Furniture, $7,895; Melinda Shryer, $2,230.31 Based on an analysis of the $1,216,700 of accounts receivable, it was estimated that$52,900 will be uncollectible. Journalized the adjusting entry.Required:1. Record the January 1 credit balance of $50,400 in a T account presented below in requirement 2b for Allowance for Doubtful Accounts.2. a. Journalize the transactions. If an amount box does not require an entry, leave it blank. Note: For the December 31 adjusting entry, assume the $1,216,700 balance in accounts receivable reflects the adjustments made during the year.Jan. 19-reinstate Accounts Receivable-Arlei2,400Allowance for Doubtful /v2,400Jan. 19-collection Cash2,4000.Accounts Receivable-Arlei2,400Apr. 3Allowance for Doubtful / v13,750 V0.Accounts Receivable-Prem13,750July 16CashAllowance for Doubtful / vAccounts Receivable-Ha'V 24,700Nov. 23-reinstate Accounts Receivable-Ha v3,910 VAllowance for Doubtful v3,910Nov. 23-collection Cash3,910Accounts Receivable-Ha v3,910VDec. 31-write-off Allowance for Doubtful A vAccounts Receivable-C:v10,345Accounts Receivable-Fi v3,070Accounts Receivable-Lake v7,895Accounts Receivable-Melin v0.2,230Dec. 31-adjusting Bad Debt ExpeAllowance for Doubtful / v

Since we only answer three subparts, we will answer the first three. Please resubmit the question separately and specify the subparts, you would like answered. Journal entry is a primary entry that records the financial transactions initially. 2a. 1 & 2b. Therefore, adjusting entry is $48,300. 3. Calculation of expected net realizable value of accounts receivable: Expected net realizable value of accounts receivable=Accounts receivable-Allowance for doubtful accounts =$1,216,700-$52,900 =$1,163,800

Business

Accounting

2. b. Post each entry that affects the following T accounts and determine the new balances: Allowance for Doubtful Accounts Apr. 3 Jan. 1 Balance July 16 Jan. 19 Dec. 31 Nov. 23 Dec. 31 Unadjusted Balance Dec. 31 Adjusting Entry Dec. 31 Adjusted Balance

2. b. Post each entry that affects the following T accounts and determine the new balances: Allowance for Doubtful Accounts Apr. 3 Jan. 1 Balance July 16 Jan. 19 Dec. 31 Nov. 23 Dec. 31 Unadjusted Balance Dec. 31 Adjusting Entry Dec. 31 Adjusted Balance

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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