Aging Method On January 1, 2019, Smith, Inc., has the following balances for accounts receivable and allowance for doubtful accounts: Accounts Receivable $375,000 Allowance for Doubtful Accounts (a credit balance) 4,700 During 2019, Smith had $2,840,000 of credit sales, collected $2,905,000 of accounts receivable, and wrote off $3,850 of accounts receivable as uncollectible. At year end, Smith performs an aging of its accounts receivable balance and estimates that $3,800 will be uncollectible. Required: 1. Calculate Smith's preadjustment balance in accounts receivable on December 31, 2019 $ 307,150 2. Calculate Smith's preadjustment balance in allowance for doubtful accounts on December 31, 2019. 850 S Feedback Check My Work 1 & 2. Using T-accounts start with the balance at the beginning of the year and make the necessary debits and/or credits for the transactions that occurred during the year. 3,850 3. Prepare the necessary adjusting entry for 2019. Bad Debt Expense v Allowance for Doubtful Accounts Record adjusting entry for bad debt expense estimate 3,850 x