Daley Company prepared the following aging of receivables analysis at December 31. Days Past Due Total $580,000 Accounts receivable Percent uncollectible $398,000 3% to 30 $92,000 4% 31 to 60 $38,000 7% 61 to 90 $20,000 9% Over 90 $32,000 12% 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 $12,200 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 $1,200 debit. Comnlete this question by entering your answers in the tabs below. Complete this question by entering your answers in the tabs below. Req A Req B and C 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. Estimated balance of allowance for uncollectibles 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 $12,200 credit. 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 $1,200 debit. Shou View transaction list Journal entry worksheet Record estimated bad debts assuming that Allowance for Doubtful Accounts has a $12,200 credit balance. Note: Enter debits before credits. Date General Journal Debit Credit Record estimated bad debts assuming that Allowance for Doubtful Accounts has a $1,200 debit balance. Note: Enter debits before credits. Conorel Tool Dobit Credit