During the month of December several additional sales on account took place and a number of payments on account came in to the company but no other accounts were written off as uncollectible. On December 31, an Aging of Accounts schedule was prepared in as part of process for recording year-end bad debts expense based on aging of accounts receiving method of estimation. A summary (no names listed) of the schedule used to identify the target balance follows Requirement 2: calculate the target and journalize the adjusting entry Aging of Account Receivable as of December 31 31-60 Days 30,000 4% Target 1-30 Days 70,000 3% 61-90 Days 15,000 20% Over 90 Davs 5,000 25% Accounts Receivable $120,000 Total Estimated % Uncollectible Estimated Uncollectible $ 210 The T account for Allowance for Bad Debt is used to analyze the activity and required entry in the account Allowance for Bad Debts Dec7 1.2004.200 Nov 30 ? unadjusted bal adjusting entry below target balance, Dec 31 ? ? Adjusting Ent General Journal ccount Name DebitCredit llowance for Bad Debts Requirement 3:Show how Central Texas Plumbing Supply would report accounts receivable at Dec. 31 Balance Sheet (Partial) Current Assets Accounts Receivable Less: Allowance for Bad Debts $114.340 (net real. value) (check number)