2. Complete Problem 7 All parts, for part e, only record transactions related to the account balance that was written off. P7. Aging of Accounts Receivable, Write-offs, Journal Entries. Council Company develops an aged schedule of accounts receivable at the end of each year. Council Company: Aged Schedule of Accounts Receivable Past Due 1-30 31-60 61-90 Over 90 Customer Current Days Days Days Days Totals Grey City Products $ 82,500 82,500 Smokey Industries $45,780 $168.900 345,000 559,680 Bleak Enterprises $567000 500 567,500 Drifter Incorporated $235,800 34,000 200 270,000 Denti Cosmetic Company 130,700 300 320 131,320 Totals $366.500 $601 300 $46,800 $168.900 $427.500 $1,611.000 $ The company estimated an allowance for uncollectible accounts based on the following estimates: Allowance Aging Category Provided Current 5% 1-30 days past due 9% 31-60 days past due 20% 61-90 days past due 55% Over 90 days past due 100% Council reported net credit sales of $20,000,000 for the current year. We present the company's ending bal- ances of accounts receivable and the allowance for uncollectible accounts: Accounts Receivable Ending Balance 1,611,000 Allowance for Uncollectible Accounts 94,800 Unadjusted Ending Balance Required a. Compute the balance required in the allowance for uncollectible accounts. b. Prepare the journal entry to record the bad debt provision for the current year. c. Independent of your answer to part (b), prepare the journal entry to record the bad debt provision for the current year assuming that the allowance for uncollectible accounts had a $231,000 debit balance. d. Provide the necessary journal entry based on Council's credit management deciding to write off all accounts that were over 90 days past due in the following year. c. Prepare the journal entries required to record the subsequent recovery of Smokey Industries' receivable if, after the write offs recorded in part (d), Smokey Industries pays the entire balance due