2. The aging of the accounts receivable of Smart company was as follows on 31 December 2020 Age Group Amount Percent of uncollectible Current sh. 7,060,000 3 31-60 days 4,160,000 4 61-90 days 2,200,000 5 Over 90 days 320,000 6 The company uses the allowance method to record bad debts. Required: Prepare adjusting journal entries to estimate bad debts under the following independent assumptions. i) The balance in the allowance account is zero. ii) The balance in the allowance account is sh. 80,000 iii) The balance in the allowance account is sh. 40,000DR.(11 marks)