Fife, Inc. has the following account balances at December 31, 202x: Accounts Receivable $185,600 and Allowance for Doubtful Accounts $1,600 (credit balance). Fife uses the aging of accounts receivable to estimate bad debts. The following aging schedule reflects the situation at year-end: Account Age Current 1-30 days past due 31-60 days past due 61-90 days past due Over 90 days past due Age Group Balance $96,000 64,000 16,000 6,400 3,200 Estimated Uncollectible Percentage 2.0 5.0 15.0 35.0 45.0 (1) Calculate the amount of the Allowance for Doubtful Accounts that should appear on the December 31, 202x, balance sheet. (2) Prepare the journal entry to record 202X bad debts expense, On May 31, 202X the Cash account of Perkins Supply Company had a balance of $43,820. On that date, the bank statement indicated a balance of $54,600 The bank reported the collection of a note receivable for Perkins of $6,300 plus $300 of interest. The $1,700 cheque of a customer, Raymond Frank, was returned by the bank because of insufficient funds. The bank charged Perkins $60 for services. The bank erroneously failed to credit a $4,200 deposit to Perkins' account. It was observed that the bank statement did not include a deposit of $4,700 made by Perkins on May 31 and that cheques totaling $13,400 issued by Perkins had not cleared the bank. Perkins recorded an insurance expense payment of $160 as $1,600. (a) Prepare a bank reconciliation (in good form, as of May 31. (b) Prepare, in general journal form, the entry (entries) necessary to adjust Perkins' records based on the bank reconciliation