Exercise 7-7 Percent of receivables method LO P2 Daley Company estimates uncollectible accounts using the allowance method at December 31. It prepared the following aging of receivables analysis Days Past Due Total 1 to 30 31 to 60 61 to 90 over 90 $570,000 $396,000 $90,000 $36,000 $18,000 $30,000 1% 2% 5% 7% 10% Accounts receivable Percent uncollectible a. Estimate the balance of the Allowance for Doubtful Accounts assuming the company uses 45% of total accounts receivable to estimate uncollectibles, instead of the aging of receivables method Estimated balance of allowance for uncollectibles