Exercise 7.2 As of 12/31/17, Chase Company had an Accounts Receivable balance of $2,000,000 and an Allowance for Doubtful Accounts balance of $150,000. Chase recently determined that customer accounts worth $10,000 were no longer collectible and needed to be written off. This is not yet reflected in the balances above. At the end of the year, Chase believes that 6.5% of the outstanding A/R may not be collectible. Prepare the journal entries to record the write-off as well as the adjusting entry for the Allowance for Doubtful Accounts