The following transactions were among those completed by Childer Wholesale Jewelers this year: Feb. 15 Wrote off as uncollectible the account of Mabes, Inc., $ 1,762.50. The company had gone out of business, leaving no assets. Mar. 14 Reinstated the account of Goodwin, Inc., which had been written off in the preceding year; received $ 323.12 in full payment of account. July 27 Received $ 214.26 unexpectedly from Clem and Son, whose account had been written off last year in the amount of $ 214.26. Reinstated the account and recorded the collection of $ 214.26. Oct. 14 Reinstated the account of C. P. Start, which had been written off two years earlier, and received $ 674 in full payment. Dec. 28 Journalized a compound entry to write off the following accounts as uncollectible: L. Brent, $ 365.00; C. Goody, $ 327.16; Eng and Bree, $ 716.42; Globe Jewelry, $ 2,379.60. 31 On the basis of an aged analysis of Accounts Receivable of $ 184,164.22, estimated that $ 5,597 will be uncollectible. Recorded the adjusting entry. 31 Recorded the entry to close the appropriate account to Income Summary.Required 1. Open the following accounts, recording the credit balance of Allowance for Doubtful Accounts as of January 1 of this fiscal year.2. Record in a general journal, pages 24 and 25, the transactions and the adjusting and closing entries. After each entry, post to the three selected ledger accounts. 3. Prepare the Current Assets section of the balance sheet. Other pertinent accounts are Cash, $ 14,421.40; Notes Receivable, $ 2,720.00; Merchandise Inventory, $ 323,213.41; and Prepaid Insurance, $720.00.
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The following transactions were among those completed by Childer Wholesale

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