At December 31, 2024, the Accounts Receivable balance of Foley Distribution Service is $170,000. The Allowance for Bad Debts account has a $6,780 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, 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 $ 90,000 $ 45,000 $ 25,000 $ 10,000 0.7 Estimated percent uncollectible 2.0% 5.0% 51.0% Estimated total uncollectible