At December 31, 2024, the Accounts Receivable balance of Advanced Automotive Technology is $170,000. The Allowance for Bad Debts account has a $5,720 debit balance. Advanced Automotive Technology prepares the following aging schedule for its accounts receivable: (Click the icon to view the aging schedule.) Read the requirements. 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, 2024. 2. Show how Advanced Automotive Technology will report its net accounts receivable on its December 31, 2024, balance sheet. Print Done Accounts AAAAAA FE on $30.000 $5000 Advanced Automotive Technology prepares the for its accounts receivable: 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, 2024. 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 Days Days Balance Accounts Receivable $ 80,000 $ 55,000 $30,000 $5,000 Estimated percent 0.9 uncollectible % 2.0% 9.0% 49.0% Estimated total uncollectible At December 31, 2024, the Accounts Receivable balance of Advanced Automotive Technology is $170,000. The Allowance for Bad Debts account has a $5,720 debit balance. Advanced Automotive Technology 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, 2024. 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 Days Days Balance Accounts Receivable $ 80,000 $ 55,000 $ 30,000 $ 5,000 Estimated percent uncollectible 0.9% 2.0 % 9.0% 49.0 %