Al December 31, 2018, the Accounts Receivable balance of Foley Distribution Service is $210,000. The Allowance for Bad Debts account has a $7.990 debit balance Foley Distribution Service prepares the following aging schedule for its accounts receivable: (Click the icon to view the aging schedule.) Read the requirements Requirement 1. Journalize the year end adjusting entry for bad debts on the basis of the aging schedule. Show the Taccount for the Allowance for Bad Debts at December 31, 2018 Begin by determining the target balance of Allowance for Bad Debts by using the age of each account Age of Accounts 1-30 Total Balance 31-60 Days $60,000 3.0 61.90 Days $50,000 50. 5.0 Days 90,000 0.1 Over 90 Days $ 10,000 51.0 $ Accounts Receivable Estimated percent uncollectible Estimated total uncollectible Age of Accounts Accounts Receivable $ 1-30 Days 90,000 0.1% 31-60 Days $ 60,000 3.0 % 61-90 Days Over 90 Days $ 50,000 $ 10,000 5.0 % 51.0 % Estimated percent uncollectible 1. Journalize 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, 2018 Show how Foley Distribution Service will report its net accounts receivable on its December 31, 2018, balance sheet