14 53 Coffeldt Sign Company uses the allowance method in accounting for uncollectible accounts. Past experience indicates that 1% of net credit sales will eventually be uncollectible. Selected account balances at December 31, 2010, and December 31, 2011, appear below: Net Credit Sales Accounts Receivable Allowance for Doubtful Accounts Instructions 12/31/2010 12/31/2011 $400,000 $500,000 75,000 100,000 5,000 PP (a) Record the following events in 2011. 8/10/2022 Determined that the account of Sue Lang for $1,000 is uncollectible. 9/12/2022 Determined that the account of Tom Woods for $4,000 is uncollectible. Page 2 10/10/2022 Received a check for $550 as payment on account from Sue Lang, whose account had previously been written off as uncollectible. She indicated the remainder of her account would be paid in November. 11/15/2022 Received a check for $450 from Sue Lang as payment on her account. (b) Prepare the adjusting journal entry to record the bad debt provision for the year ended December 31, 2011 (c) What is the balance of Allowance for Doubtful Accounts at December 31, 2011