From the book financial accounting for undergraduates third edition chapter 8 problem P8-3B, work out the following aging problem:

Credit Losses Based on Accounts Receivable At December 31, Rinehart Company had a balance of $307,000 in its Accounts Receivable account and a credit balance of $2,800 in the Allowance for Doubtful Accounts account. The accounts receivable T-account consisted of $310,600 in debit balances and $3,600 in credit balances. The company has aged its accounts as follows: $262,000 28,000 11,200 Current 0-60 days past due 61-180 days past due Over 180 days past due9,400 $310,600 In the past, the company has experienced credit losses as follows: one percent of current balances, six percent of balances 0-60 days past due, 15 percent of balances 61-180 days past due, and 30 percent of balances more than six months past due. The company bases its allowance for doubtful accounts on an aging analysis of accounts receivable. Required a. Prepare the adjusting journal entry to record the provision for credit losses for the year b. Show how Accounts Receivable (including the credit balances) and the Allowance for Doubtful Accounts appear on the December 31 balance sheet. a. General Journal Date Description Debit Credit Dec.3 Bad Debts Expense Allowance for Doubtful Accounts To record allowance for credit losses. Current Assets: Accounts Receivable Less: Allowance for Doubtful Accounts Current Liabilities: Customers Overpayments