Al December 31, 2018, the Accounts Receivable balance of GPS Technology is $200,000. The Allowance for Bad Debis account has a $24.110 debit balance. GPS Technology prepares the following aging schedule for its accounts receivable: 33 (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 T-account 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 31-60 61-90 Over 90 Total Days Days Balance S 200,000 Accounts Receivable Days 65,000 0.4 % $ Days $ 50,000 3.0 % S 1,500 Estimated percent uncollectible $ 40,000 5.0 % S 2,000 S 45,000 48.0 % S 21,600 260 S 25,360 Estimated total uncollectible Journalize the year-end adjusting entry for bad debts on the basis of the aging schedule. (Record debits first, then credits. Select the explanation on the last line of the joumal entry table.) Date Accounts and Explanation Debit Credit Dec. 31 Data table - X Age of Accounts Accounts Recelvable 1-30 Days 31-60 Days 61-90 Days Over 90 Days $ 65,000 $ 50,000 S 40,000 S 45,000 0.4% 3.0% 5.0% % 48.0% X Estimated percent uncollectible Requirements Print Done 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 2. Show how GPS Technology will report its net accounts receivable on its December 31, 2018, balance sheet. Clear all Check