Credit Losses Based on Accounts Receivable Miller, Inc., analyzed its accounts receivable balances at December 31, and arrived at the aged balances listed below, along with the percentage that is estimated to be uncollectible: Probability of Age Group Balance Noncollection 0-30 days past due $92,000 2% 31-60 days past due 22,000 5% 61-120 days past due 13,000 10% 121-180 days past due 8,000 12% Over 180 days past due 6,000 24% $141,000 The company handles credit losses using the allowance method. The credit balance of the Allowance for Doubtful Accounts is $720 on December 31, before any adjustments. a. Prepare the adjusting entry for estimated credit losses on December 31. b. Prepare the journal entry to write off the Lyons Company's account on April 10 of the following year in the amount of $625 a. Date Dec.31 b. Date April 10 General Journal Description To record allowance for credit losses. Debit Credit $ 0 S 0 0 0 General Journal Description Debit Credit = 0 $ 0 0 0 To write off Lyons Company's account. Please answer all parts of the question. 0