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 a) Age: 0-30 Days 31 to 60 Days 61-120 Days over 120 Days Balance: $1,200,000 700,000 200,000 25,000 $ 2,125,000 Estimated Estimated % Amount uncollectible Uncollectible 2% $ 24,000 10% 70,000 25% 50,000 50% 12,500 $ 156,500 Accounts Receivable $ 2,125,000 Less: Allowance for Uncollect $ 156,500 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 Credit Account Debit 31-Dec Uncollectible Accounts Expense Allowance for Uncollectible Accounts