Fit to page 31. Page view A Read aloud Customer's Name Alton Group Filby's Electrical Service GOP Servicing...... Parker's Electrical Trenton Construction Xeon Developments Totals. Percentage uncollectible Estimated uncollectible accounts Maxo Industries Schedule of Accounts Receivable by Age December 31, 2017 Not 1 to 30 31 to 60 61 to 90 Over Yot Days Days Days 90 Days Total Due Past Duo Past Due Past Due Past Duo $ 90,000 $ 90,000 48,000 $22,000 $26,000 162,000 $120,000 42,000 80,000 80,000 15,000 $15,000 55.000 30,000 25,000 $450,000 $230,000 $157,000 $22,000 $26,000 $15,000 x 1% x 4% X 8% x 25% x 60% During the year 2017, the company had sales of $3,720,000, of which $38,000 were cash sales. The Allow- ance for Doubtful Accounts had an unadjusted debit balance on December 31, 2017, of $3,050. Required Prepare the adjusting entry to estimate uncollectible accounts on December 31, 2017, under each of the following independent assumptions, and show the resulting balance sheet presentation for accounts receivable: a. Bad debts are estimated to be 0.6% of credit sales. 1. Bad debts are estimated to be 4% of outstanding accounts receivable. e. Bad debts are based on an aging analysis (part of the required information is provided in the schedule above)