Image.com uses the allowance method to estimate uncollectible accounts receivable. The computer produced the following ageing schedule of the accounts receivable at year end. Total $375,000 Accounts Receivable Percentage Uncollectible Estimated Bad Debts 0-30 $220,000 1% A Number of Days Outstanding 31-60 61-90 $90,000 $40,000 4% 5% B Over 90 $25,000 10% D E 1. Calculate the estimated bad debts for each time period (Show your Work) 2. A. 0-30 days 3. B. 31-60 days 4. C. 61-90 days 5. D. over 90 days 6. E. Total Estimated Bad Debts (USE THE SAME FILE FOR ALL JOURNALIZING) 6. Prepare the year-end journal entry to record the bad debts using the calculations from part 1. Assume the opening balance in the Allowance for Doubtful accounts is a $10,000 debit. (Remember to use a T-Account and show your work) 7. Of the above accounts, $5,000 is determined to be uncollectible. Journalize the entry to write off the uncollectible accounts 8. The company collects $5,000 on an account that had been determined to be uncollectible for the previous amounts. Prepare the journal entry or entries necessary to restore the account and record the cash collection