Using the Allowance Method, the relevant transactions can be completed in the books of Wild Trout Gallery as follows:
1. <u>Allowance for Doubtful Accounts</u>
Accounts                                          Debit       Credit
Jan. 1 Beginning balance                             $53,800
Jan. 19 Accounts Receivable                           2,560
Apr. 3 Accounts Receivable       $14,670
July 16 Accounts Receivable        19,725
Nov. 23 Accounts Receivable                         4,175
Dec. 31 Accounts Receivable       25,110
Dec. 31 Ending balance          $56,500
Dec. 31 Bad Debts Expenses                   $55,470
Totals                                        $116,005  $116,005
<u>Accounts Receivable</u>
Accounts                                          Debit               Credit
Jan. 1 Beginning balance           $2,290,000
Jan. 19 Allowance for Doubtful           2,560
Jan. 19 Cash                                                            $2,560
Apr. 3  Allowance for Doubtful                                14,670
July 16  Allowance for Doubtful                              19,725
July 16  Cash                                                             6,575 
Nov. 23  Allowance for Doubtful         4,175
Nov. 23 Cash                                                             4,175
Dec. 31  Allowance for Doubtful                             25,110
Dec. 31   Sales Revenue            8,020,000
Dec. 31   Cash                                               $8,944,420
Dec. 31 Ending balance                                 $1,299,500
Totals                                        $10,316,735 $10,316,735
3. Expected net realizable value of the accounts receivable as of December 31 = $1,243,000 ($1,299,500 - $56,500)
Allowance for Doubtful Accounts ending balance = $40,100 ($8,020,000 x 0.5%) 
<u>Allowance for Doubtful Accounts</u>
Accounts                                          Debit       Credit
Jan. 1 Beginning balance                             $53,800
Jan. 19 Accounts Receivable                           2,560
Apr. 3 Accounts Receivable       $14,670
July 16 Accounts Receivable        19,725
Nov. 23 Accounts Receivable                         4,175
Dec. 31 Accounts Receivable       25,110
Dec. 31 Ending balance           $40,100
Dec. 31 Bad Debts Expenses                  $39,070
Totals                                        $99,605   $99,605
4. a. Bad Debt Expense for the year = $39,070
4.b. Balance for Allowance Accounts = $40,100
4.c. Expected net realizable value of the accounts receivable = $1,259,400 ($1,299,500 - $40,100)
Data Analysis:
Jan. 19 Accounts Receivable $2,560 Allowance for Uncollectible Accounts $2,560 
Jan. 19 Cash $2,560 Accounts Receivable $2,560
Apr. 3 Allowance for Uncollectible Accounts $14,670 Accounts Receivable $14,670
July 16 Cash $6,575 Allowance for Uncollectible Accounts $19,725 Accounts Receivable $26,300
Nov. 23 Accounts Receivable $4,175 Allowance for Uncollectible Accounts $4,175 
Nov. 23 Cash $4,175 Accounts Receivable $4,175
Dec. 31 Allowance for Uncollectible Accounts $25,110 Accounts Receivable $25,110
Accounts Receivable ending balance = $1,299,500
Allowance for Uncollectible Accounts ending balance = $56,500
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