At December 31, 2024, the Accounts Receivable balance of Foley Distribution Service is $225,000. The Allowance for Bad Debts account has a $21,000 debit balance. Foley Distribution Service prepares the following aging schedule for its accounts receivable: (Click the icon to view the aging schedule.) 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 Days 31-60 Days 61-90 Days Over 90 Total Days Balance Accounts Receivable $ 80,000 $ 65,000 $ 50,000 $ 30,000 Estimated percent uncollectible 0.5% 4.0% 6.0 55.0 % % Estimated total uncollectible Journalize the year-end adjusting entry for bad debts 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