2. At 12-31-18, DeBold Company estimates uncollectible accounts using the Allowance Method. It prepared the following aging of A/R analysis:

1-30 31-60 61-90 91-120 Over 120 Total

Total A/R $100,000 $50,000 $10,000 $5,000 $1,000 $166,000

% Uncollectible 1% 10% 20% 50% 75%

1. Estimate what the Balance in the Allowance for Doubtful Accounts should be as of 12-31-18, using the Aging of Receivables Method.
2. Assuming the current balance in the Allowance for Doubtful Accounts as 12-31-18 is a $1,000 Credit, please prepare the adjusting entry to record bad debts at 12-31-18