Directions: Complete the following chart and journal entries with the information below: Background information: Goofy and Friends had the following balances at the various ages $1,200,000 less than 30 days old $700,000 31-60 Days old, $200,000 61-120 Days old and $25,000 over 120 days. Goofy is assuming he will collect 98% of balances less than 30 days old, 90% of balance 31-60 days old, 75%% of balances 61-120 days old and 50% of balances over 120 days. Complete the following chart based on the aged balances and $6 of estimated collectibility. Estimated Estimated 6 Amount Age: Balance: uncollectible Uncollectible 0-30 Days 31 to 60 Days 61-120 Days over 120 Days $ S Accounts Receivable Less: Allowance for Uncollectible Net Realizable Value 5 b) Assuming the allowance had a beginning credit balance of $15,000 prepare a journal entry for the adjustment for the new allowance amount Date Account Debit Credit 31-Dec Uncollectible Accounts Expense Allowance for Uncollectible Accounts