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Kiley Company had a $900 credit balance in Allowance for Doubtful Accounts at December 31, 2018, before the current year's provision for uncollectible accounts. An aging of the accounts receivable revealed the following: Estimated Percentage Uncollectible Current Accounts $120,000 1% 1-30 days past due 12,000 3% 10,000 6% 5,000 12% 31-60 days past due 61-90 days past due Over 90 days past due Total Accounts Receivable 8,000 30% $155.000 . Instructions Please identify each of your answers with the letter of the transactions you are journalizing. Prepare the adjusting entry on December 31, 2018, to recognize bad debts expense. Assume the same facts as above except that the Allowance for Doubtful Accounts account had a $700 debit balance before the current year's provision for uncollectible accounts. Prepare the adjusting entry for the current year's provision for uncollectible accounts. Assume that the company has a policy of providing for bad debts at the rate of 1% of sales, that sales for 2018 were $500,000, and that Allowance for Doubtful Accounts had a $550 credit balance before adjustment. Prepare the adjusting entry for the current year's provision for bad debts. . Record the following transactions in general journal form for Klein Company. Please identify each answer by placing the letter of the transaction you are recording in front of it. Received a $5,000, 8%, 3-month note, dated July 1, from July 1 Amy Grant in payment of her open account. Received notification from Amy Grant that she was unable Oct 1 to honor her note at this time. It is expected that Grant will pay at a later date. Nov Received full payment from Amy Grant for her note 15 receivable previously dishonored. Tom Rice operates a small business and uses a manual system of accounting. Transactions are entered in the general journal and posted to accounts in the general ledger at the end of the month. Although the volume of transactions has increased significantly in the past year, Mr. Rice does not feel that it would be cost-effective to install an electronic accounting system. He hires you as a consultant to make recommendations about how to record transactions more efficiently. Briefly describe the principles that you would consider in making recommendations to Mr. Rice. (Please use complete sentences in answering.)