Aging Method On January 1, 2019, Smith, Inci, has the following balances for accounts receivabie and allowance for doubtrul accounts. vuring 2019, Smith had $2,860,000 of credat sales, collected 52,005,000 of accounts recelvable, and wrote off $3,850 of accounts recelvable as uncollectibi At year end, Smith performs an aging of its accounts receivabie balance and estimotes that 53,800 will be uncollectible. Required: 1. Colcuilate Smith's preadjustment baiance in accounts receivable on December 31,2019 . 2. Caiculate Smathis preadjustment batance in allowance for doubdal accounits on December 31, 2019. 3. Propare the necossery adjusting entry for 2019; Recard adjustang entry for bad debt expense estimote Exercise 565 (Algorithmic) Average Uncollectible Account Losses and Bad Debt Expense The accountant for Porite Company prepared the following data for sales and losses from uncollectible accounts: "Losses from uncollect ble accounts are the actual losses refated to sales of that year (rather than write-offs of that year). Required: 1. Calculate the average percentage of losses from uncollectible occounts for 2015 through 2018. Enter your answer as percentage, rounded to one decime place (e.g. 0248563 to 2.5%). 2. Assume that the credit sales for 2019 are $1,160,000 and that the weighted average percentage calculated in Requirement 1 is used as an estimate of losses from uncollectble accounts for 2019 credit sales. Determine the bad debt expense for 2019 using the percentage of credit sales method. Round your answer to the nearest dolar