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The Aging Method The following aging of accounts receivable is for Coby Company at the end of 2017: Aging of Accounts Receivable December 31, 2017 Overall Less Than 30 Days 31 to 60 Days 61 to 90 Days Over 90 Days Travis Campbell $ 50,000 $ 40,000 $ 5,000 $ 2,000 $ 3,000 Linda Reed 35,000 31,000 4,000 Jack Riding 110,000 100,000 10,000 Joy Riddle 20,000 3,000 10,000 4,000 3,000 Afzal Shah 90,000 60,000 21,000 4,000 5,000 Edna Ramos 80,000 60,000 16,000 4,000 $385,000 $294,000 $66,000 $10,000 $15,000 Totals Coby Company had a credit balance of $20,000 in its allowance for bad debts account at the beginning of 2017. Write-offs for the year totaled $16,500. Coby Company makes only one adjusting entry to record bad debt expense at the end of the year. Historically, Coby Company has experienced the following with respect to the collection of its accounts receivable: Age of Account Percentage Ultimately Uncollectible Less than 30 days. 1% 31-60 days 5 61-90 days 30 Over 90 days 90 Required: 1. Compute the appropriate balance of allowance for bad debts as of December 31, 2017. 2. Make the journal entry required to record this allowance for bad debts balance. Remember that the allowance account already has an existing balance. 3. What is Coby's net accounts receivable balance as of December 31, 2017