At December 31, 2018, the Accounts Receivable balance of Foley Distribution Service is $190,000. The Allowance for Bad Debts account has a $19,015 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 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 i Requirements Total Balance 1-30 Days 55,000 0.30% 31-60 Days $ 60,000 5.00% 61-90 Days $ 45,000 7.00% Over 90 Days $ 30,000 49.0 % Accounts Receivable $ 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 Foley Distribution Service will report its net accounts receivable on its December 31, 2018, balance sheet. Estimated percent uncollectible Estimated total uncollectible At December 31, 2018, the Accounts Receivable balance of Foley Distribution Service is $190,000. The Allowance for Bad Debts account has a $19,015 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. Journalize 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.) Date Accounts and Explanation Debit Credit Dec. 31 Data Table Age of Accounts Show the T-account for the Allowance for Bad Debts at December 31, 2018. Accounts Receivable 1-30 Days $ 55,000 0.3% 31-60 Days $ 60,000 5.0 % 61-90 Days $ 45,000 7.0% Over 90 Days $ 30,000 49.0 % Estimated percent uncollectible Allowance for Bad Debts Print Print Done Done Requirement 2. Show how Foley Distribution Service will report its net accounts receivable on its December 31, 2018, balance sheet. Balance Sheet (Partial): Current Assets