Homework: Chapter 7&8 homework 6 of 12 (4 complete) Score: 0 of 1 pt! S8-8 (similar to) Precious Figurines Collection had the following balances at December 31, 2018, before the year-end adjustments (Click the icon to view the balances and accounts receivable aging schedule.) Requirements 1. Joumalize Precious Figurines' entry to record bad debts expense for 2018 using the aging-of-receivables method. 2. Prepare a T-account to compute the ending balance of Allowance for Bad Debts. Requirement 1. Journalize Precious Figurines' entry to record bad debts expense for 2018 using the aging-of-receivables method. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Date Accounts Debit Credit Dec. 31 Data Table Accounts Receivable 70,000 Allowance for Bad Debts 1,119 The aging of accounts receivable yields the following data: Age of Accounts Receivable 0-60 Days Over 60 Days Total Receivables Accounts Receivable $ 67,000 3,000 $ 70,000 Estimated percent uncollectible x 3% x 22%