Exercise 8-12Aging analysis LO3 CHECK FIGURE: c. Accounts receivable (net) = $332,600 Winfrey Designs had an unadjusted credit balance in its Allowance for Doubtful Accounts at December 31, 2017, of $1,800. Required a. Prepare the adjusting entry assuming that Winfrey estimates uncollectible accounts based on an aging analysis as follows: December 31, 2017 Accounts Receivable $120,000 35,000 8.000 2,000 Age of Accounts Receivable Not due (under 30 days) 1 to 30 days past due 31 to 60 days past due Over 60 days past due Click here for a description of Table: Exercise 8-12, a. Expected Percentage Uncollectible 0.75% 4% 10% 60% b. During 2018, credit sales were $1,200,000; sales discounts taken were $22,000; accounts receivable collected were $995,000; and accounts written off during the year totalled $24,000. Prepare the adjusting entry required on December 31, 2018, to estimate uncollectible receivables assuming it is based on the following aging analysis. December 31, 2018 Accounts Receivable Age of Accounts Receivable Not due (under 30 days). Expected Percentage Uncollectible $240,000 75,000 1 to 30 days past due 20.000 11.000 31 to 60 days past due Over 60 days past due 0.75% 4% 10% 60% Click here for a description of Table: Exercise 8-12, b. c. Show how accounts receivable would appear on the December 31, 2018, balance sheet. Analysis Component: Comment on the advantages and disadvantages of using an aging analysis for estimating uncollectible accounts.