1. A company uses the aging of accounts receivable method to estimate its bad debts expense. On December 31 of the current year an aging analysis of accounts receivable revealed the following: Estimated Uncollectible Account Age Balance Percentage Current (not yet due) $620,000 0.5% 1-30 days past due 270,000 2.0% 30-60 days past due 145,000 8.0% 61-90 days past due 55,000 20.0% 90120 days past due 32,000 50.0% Over 120 days past due 18,000 70.0% Total $1.140.000 Required: A. Calculate the amount of the Allowance for Doubtful Accounts that should be reported on the current year-end balance sheet. B. Calculate the amount of the Bad Debts Expense that should be reported on the current year's income statement, assuming that the balance of the Allowance for Doubtful Accounts on January 1 of the current year was $41,000 and that accounts receivable written off during the current year totaled $43,200. C. Prepare the adjusting entry to record bad debts expense on December 31 of the current year. D. Show how Accounts Receivable will appear on the current year-end balance sheet as of December 31. 2) The Links Company uses the percent of sales method of accounting for uncollectible accounts receivable. During the current year, the following transactions occurred: Sept 7 Links Company determined that the $8.000 account receivable of the Rainier Company was uncollectible, and wrote it ofT. Oct 15 Links Company determined that the $3,500 account receivable of the Olympic Company was uncollectible and wrote it ofl. Nov 9 Rainier Company paid $6,000 of the amount owed to the Links Company. Links Company does not expect further collections from the Rainier Company. Dec 31 Links Company estimates that 1% of its $1.900,000 of credit sales would be uncollectible, 1. Prepare the general journal entries to record these transactions, 2. If the balance of the allowance for uncollectible accounts was a $4.000 credit on January 1 of the current year, determine the balance of the allowance for uncollecuble accounts at December 31 of the current year. Assume that the transactions above are the only transactions affecung the allowance for uncollectible accounts during the year