At December 31, 2016, the Accounts Receivable balance of Questor Application Inc is $210,000. The Allowance for Bad Debts account has a $16,560 debit balance. Questor Application Inc prepares the following aging schedule for its accounts receivable: (Click the icon to view the aging schedule.) Requirements 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, 2016. 2. Show how Questor Application Inc will report its net accounts receivable on its December 31, 2016, balance sheet. 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, 2016 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 Days Days 61-90 Days Over 90 Total Days Balance Accounts Receivable $ 85,000 $ 70,000 0.6 3.0 $ 30,000 6.0 $ 25,000 210.000 Estimated percent uncolectible % 63.0 % 5.000 Estimated total uncollectible 510 Joumalize 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)