E8-5 At December 31, 20X4, the accounts receivable balance of Quest Corp. is $300,000. The Allowance for Doubtful Accounts has a $3,910 credit balance. Accountants for Quest prepare the following aging schedule for its accounts receivable: Age of Accounts Total Balance 1-30 31-60 61-90 Over 90 Days Days Days Days $300,000.. $140,000 $78.000 $69.000 $13.000 Estimated percent uncollectible 0.3% 1.2% 6.0% 50% Required1.

Journalize the adjusting entry for doubtful accounts on the basis of the aging schedule. Show the T-account for the Allowance.2.

Show how Quest Corp. will report Accounts Receivable on its December 31 balance sheet.