Ceny w Use the following information for the Exercises below. The following information applies to the questions displayed below) Daley Company prepared the following aging of receivables analysis at December 31. Days Pant Due Accounts receivable Percent uncollectible Total $595,000 $401,000 38 1 to 30 395,000 48 31 to 60 61 to 90 341,000 $23,000 75 95 Over 90 $35,000 124 Exercise 7-9 Percent of receivables method LO P3 a. Estimate the balance of the Allowance for Doubtful Accounts assuming the company uses 5% of total accounts receivable to estimate uncollectibles, instead of the aging of receivables method. b. Prepare the adjusting entry to record Bad Debts Expense using the estimate from part a. Assume the unadjusted balance in the Allowance for Doubtful Accounts is a $12,500 credit. c. Prepare the adjusting entry to record bad debts expense using the estimate from part a. Assume the unadjusted balance in the Allowance for Doubtful Accounts is a $1.500 debit