E8-2B. Credit Losses Based on Accounts Receivable Marvel, Inc. analyzed its accounts receivable bal- ances at December 31 and arrived at the aged balances listed below, along with the percentage that is estimated to be uncollectible: LO1, 2 MBC Age Group Balance Probability of Noncollection 0-30 days past due 31-60 days past due 61-120 days past due 121-180 days past due Over 180 days past due. $100,000 20,000 20,000 9,000 2,000 $151,000 1 2 6 11 20 The company handles credit losses with the allowance method. The credit balance of the Allowance for Doubtful Accounts is $840 on December 31, before any adjustments. Prepare the adjusting entry for estimated credit losses on December 31. b. Prepare the journal entry to write off Porter Company's account on the following May 12, in the amount of $680. a. 101