Below is an Accounts Receivable Aging Schedule for Edmonds Company. Part 1 :Using the data from this Aging Schedule and the template provided determine the required balance in the Allowance for Doubtful Accounts. Part 2 : Prepare the proper Journal Entry assuming the Allowance for Doubtful Accounts has a credit balance of $407.50 before your entry is made. Edmons Company Aging Schedule 31-60 Days 61-90 Days Over 90 Days Customer Green Current $5,000.00 0-30 Days $2,000.00 Jones Total Customer Account Balance $7,000.00 $12,000.00 $12,000.00 $10,250.00 $5,050.00 $4,000.00 $2,300.00 $5,700.00 Smith Thomas Williams $12,000.00 $1,000.00 $3,450.00 $2,000.00 $1,400.00 $2,400.00 $5,050.00 Total Current 0-30 Days 31-60 Days 61-90 Days Over 90 Days Percentage Likely to Be Uncollectable 1% 5% 10% 20% 50%