Al December 31, 2016, the Accounts Receivable balance of Foley Distribution Service is $210,000. The Allowance for Bad Debls account has a $14,780 debit balance. Foley Distribution Service prepares the following aging schedule for its accounts receivable: (Click the Icon to view the aging schedule.) Requirements 1. Joumalize the year-end adjusting entry for bad debts on the basis of the aging schedule. Show the T-account for the Allowance for Bad Debts at December 31, 2016. 2. Show how Foley Distribution Service will report its net accounts receivable on its December 31, 2016, balance sheet. Estimated percent uncollectible 0.2% 180 5.0 2,250 10.0 % 5,500 45.0 9,000 S $ $ $ S 16,930 Estimated total uncollectible Journalize the year-end adjusting entry for doubtful accounts on the basis of the aging schedule. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Credit Date Dec. 31 Debit 31,710 i Accounts and Explanation Bad Debts Expense Allowance for Bad Debts Data Table 31,7109 Age of Accounts Recorded bad debts expense for the period. 1-30 Days 31-60 Days $ 90,000 $ 45,000 0.2% 5.0 % Accounts Receivable Estimated percent uncollectible 61-90 Days $ 55,000 10.0% Over 90 Days $ 20,000 45.0% Show the T-account for the Allowance for Bad Debts at December 31, 2016. Allowance for Bad Debts 14780 Print Done