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Question 5 [12 points) Vetore showed the following account balances at December 31, 2015 Accounts receivable, $206,500, Alowance for doubtful accounts, $2.400, Sales (all on credit) $1 200,000: Sales discounts $26.500 During 2016 credit sales were $1,475,000, sales discounts taken were $35.000, accounts receivable collected were $1,151.000; anul scaunts writer off during the year to sled $30,000 Asume that Velor Inc uses an aging anaysis to estimated uncollectible receivables as shown below. Enter an appropriate description when entering the transactone in the journal Dates must be entered in the format de canary 15 would be 15Wan) Accounts hive been provided for your calculations, but will not be marked 2015. CELIC Food WAR Rare Un collectie NUO 30 141.000 348.000 18 1 to 00 days past de 39.000 106,000 44 2010 day post 18,000 29.000 10% Od pastu 5.500 9.500 a) Prepare the adjusting entry required on Dec. 31, 2015 to estimate uncollectible receivables based on the aging analysis above. Please make sure your final answers are accurate to 2 decimal places s! Accounts receivable Allwanoo for coletul Bocante Arana PR Debt Credit 205.500 9,870 2,400 2015 See Bad Sodense 9.870 Alice for doubtful accounts 9,670 Alarking bad debt expense should be debited for the amount of $7 470, but you have not done this. This will cost you 1 mark "Allowance for doubtful accounts should be credited for the amount of 57.470, out you have not done this. This wil cost you i mark b) Prepare the adjusting entry required on Dec 31, 2016 to estimate uncollectible receivables based on the aging analysis above. Please make sure your final answers are accurate to 2 decimal places Por exa Page 2 Accounts receivaba Falowance for dointfut accounts ACE PRO Creat 2014 11 Dec Bad Bokep 18,320 Allowance for cut scoounts 16,320 Marking Bad de expense should be debited for the amount of $44,450, but you have not done this. This will cost you 1 mark Aance for oubtful accounts should be credited for the amount of $44.400, but you have not done th This will cost you 1 mark c) Show how Accounts receivable would appear on the Dec 31, 2016 balance sheet. Please make sure your final answers) are accurate to the nearest whole number, As Current Antowa 1.151.000 Alcoots 16 320 1.134.680 Marking The accounts recente balance at December 31, 2016 should be $452.600 but you have not entered this. This wil cost you 1 mark The ne accounts receivable amount of December 31, 2016 should be $176. 180. however the amount you entered was consistent with your tanier entres so you will not lose any traks