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dar year-end, Mazie Supply Co. uses the percent of accounts receivable method to estimate December 31, 2017, it has outstanding accounts receivable of $55.000, and it estimates that At each calendar year had debts. On December Exercise percent of accounts receivable method P3 2 will be uncollectible. the adjusting entry to record bad debts expense for year 2017 under the assumption that the for Doubtful Accounts has (a) a $415 credit balance before the adjustment and (b) a $291 debit Allowance for Doubtful balance before the adjustment. Daley Company estimates uncollectible accounts using the allowance method at December 31. It prepared the following aging of receivables analysis. Exercise 7-7 Aging of receivable method Days Past Due 31 to 60 Total 0 1 to 30 61 to 90 Over 90 $30,000 10% $570,000 $396,000 1% Accounts receivable............ Percent uncollectible $90,000 2% $18,000 7% $36,000 5% a. Estimate the balance of the Allowance for Doubtful Accounts using the aging of accounts receivable method. b. Prepare the adjusting entry to record bad debts expense using the estimate from part a. Assume the unadjusted balance in the Allowance for Doubtful Accounts is a $3,600 credit. E. Prepare the adjusting entry to record bad debts expense using the estimate from part a. Assume the unadjusted balance in the Allowance for Doubtful Accounts is a $100 debit. Exercise 7 Dorrent of nto the following requirements