Daley Company prepared the following aging of receivables analysis at December 31. (Click on the Chart of Accounts Tab below.) \begin{tabular}{|c|c|c|c|c|c|c|} \hline & \multirow[b]{2}{*}{ Total } & \multicolumn{5}{|c|}{ Days Past Due } \\ \hline & & 0 & 1 to 30 & 31 to 60 & 61 to 90 & Over 90 \\ \hline Accounts receivable & $570,000 & $396,000 & $90,000 & $36,000 & $18,000 & $30,000 \\ \hline Percent uncollectible & & 1% & 2% & 5% & 7% & 10% \\ \hline \multicolumn{7}{|l|}{ Required: } \\ \hline \multirow{2}{*}{\multicolumn{5}{|c|}{\begin{tabular}{l} a. Estimate the balance of the Allowance for Doubtful Accounts assuming the company uses 4.5% \\ of total accounts receivable to estimate uncollectibles, instead of the aging of receivables \\ method. \end{tabular}}} & & \\ \hline & & & & & 4.50% & of total account \\ \hline \multicolumn{5}{|c|}{ Estimated balance of allowance for uncollectibles } & & \\ \hline \multirow{2}{*}{\multicolumn{5}{|c|}{\begin{tabular}{l} 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 $12,000 credit. \end{tabular}}} & & \\ \hline & & & & & $12,000 & credit \\ \hline Part & Date & \multicolumn{2}{|c|}{ General Journal } & Debit & Credit & \\ \hline B & December 31 & & & & & \\ \hline \multirow{2}{*}{\multicolumn{5}{|c|}{\begin{tabular}{l} 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 $1,000 debit. \end{tabular}}} & & \\ \hline & & & & & $1,000 & debit \\ \hline Part & Date & \multicolumn{2}{|c|}{ General Journal } & Debit & Credit & \\ \hline \multirow[t]{4}{*}{C} & December 31 & & & & & \\ \hline & & & & & & \\ \hline & & & & & & \\ \hline & & & & & & \\ \hline \end{tabular} Daley Company prepared the following aging of receivables analysis at December 31. (Click on the Chart of Accounts Tab below.) \begin{tabular}{|c|c|c|c|c|c|c|} \hline & \multirow[b]{2}{*}{ Total } & \multicolumn{5}{|c|}{ Days Past Due } \\ \hline & & 0 & 1 to 30 & 31 to 60 & 61 to 90 & Over 90 \\ \hline Accounts receivable & $570,000 & $396,000 & $90,000 & $36,000 & $18,000 & $30,000 \\ \hline Percent uncollectible & & 1% & 2% & 5% & 7% & 10% \\ \hline \multicolumn{7}{|l|}{ Required: } \\ \hline \multirow{2}{*}{\multicolumn{5}{|c|}{\begin{tabular}{l} a. Estimate the balance of the Allowance for Doubtful Accounts assuming the company uses 4.5% \\ of total accounts receivable to estimate uncollectibles, instead of the aging of receivables \\ method. \end{tabular}}} & & \\ \hline & & & & & 4.50% & of total account \\ \hline \multicolumn{5}{|c|}{ Estimated balance of allowance for uncollectibles } & & \\ \hline \multirow{2}{*}{\multicolumn{5}{|c|}{\begin{tabular}{l} 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 $12,000 credit. \end{tabular}}} & & \\ \hline & & & & & $12,000 & credit \\ \hline Part & Date & \multicolumn{2}{|c|}{ General Journal } & Debit & Credit & \\ \hline B & December 31 & & & & & \\ \hline \multirow{2}{*}{\multicolumn{5}{|c|}{\begin{tabular}{l} 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 $1,000 debit. \end{tabular}}} & & \\ \hline & & & & & $1,000 & debit \\ \hline Part & Date & \multicolumn{2}{|c|}{ General Journal } & Debit & Credit & \\ \hline \multirow[t]{4}{*}{C} & December 31 & & & & & \\ \hline & & & & & & \\ \hline & & & & & & \\ \hline & & & & & & \\ \hline \end{tabular}