Credit Losses Based on Accounts Receivable At December 31, Schuler Company had a balance of 5386.600 in its Accounts Receivable account and a credit balance of 54,200 in the Allowance for Doubtful Accounts account. The accounts receivable T-account consisted of 5392,000 in debit balances and 55,400 in credit balances The company aged its accounts as follows: BORO 0-60 days past due 49,000 61-180 days past due 21,000 Over 180 days past due 14,000 $392,000 o days pussysis of In the past, the company has experienced credit losses as follows: 1% of current balances, 5% of balances 0.60 days past due, 15% of balances 61-180 days past due. and 40% of balances over six monthis past due. The company bases its allowance for doubtful accounts on an aging analysis of accounts receivable. Support Required a. Prepare the adjusting entry to record the allowance for doubtful accounts for the year. b. Show how Accounts Receivable (including the credit balances) and the Alowance for Doubtful Accounts would appear on the December 31 balance sheet. General Journal Date Description Dec.31 Accounts Receivable Debit Credit 0 $ 0 To record allowance for credit losses. Current Assets: Current Liabilities: Customers' Overpayments Please answer all parts of the