Fallas Appliances On December 31, 2021, Tjoa Appliances has $275,000 in accounts receivable and an allowance account with a debit balance of $320. Current period net credit sales were $780,000, and cash sales were $68,000. Instructions a) Tjoa Appliances performs an aging schedule, and the results are summarized below, along with the appropriate percentages that Tjoa applies to the categories shown. Days Outstanding Not yet due 31-60 days past due 61-90 days past due Percentage Amount Uncollectible $150,000 1% 50,000 5% 40,000 10% 25,000 25% 10,000 50% 91-120 days past due Over 120 days past due Assuming Tjoa uses the aging approach of accounting for uncollectible accounts, prepare the adjusting entry required at the end of the accounting period. (6 marks) b) Assume now Tjoa uses the percent-of-sales method of accounting for uncollectible accounts. If historical data indicate that approximately 3% of net credit sales are uncollectible, what is the amount of bad-debt expense and what is the balance in the allowance for doubtful accounts after adjustment? (4 marks)