Kiley Company had a $$700$ credit balance in Allowance for Doubtful Accounts $($What is normal balance for the contra asset? $($Debit or Credit$)$ at December $31,2023$ before the current year's provision for uncollectible accounts. An aging of the accounts recelvable revealed the following:

Current Accounts

$1-30$ days past due

$31-60$ days past due

$61-90$ days past due

Over $90$ days past due

Total Accounts Receivable

Estimated Percentage Uncollectible

$$120,000$

$12,000$

$10,000$

$5,000$

$8,000$

$$155,000$

$1\%$

$3\%$

$8\%$

$17\%$

$40\%$

Instructions

$($a$)$ Calculate the balance for the Allowance for Doubtful Accounts.

$($b$)$ Prepare the adjusting entry on December $31,2023,$ to recognize bad debts expense taking into account the current balance. $($$$700$ CR$)$

$($c$)$ Calculate the net realizable value of accounts recelvable after your adjusting entry for December $31,2023.($show your work$)$

$\backslash$table$[[$a$),$Balance,$\%$ Uncollectible,$\backslash$table$[[$B a la nce$],[$Uncollectible$]]],[$Current$,,,],[1-30,,,],[31-60,,,],[61-90,,,],[$Over $90,,,],[$Total$,,,],[,,,]]$

$\backslash$table$[[$Date$,$Account Titles and Explanation,Ref,Debit,Credit$],[$b$),,,,],[,,**,,],[,,,,],[,,,,],[,,,,]]$

$\backslash$table$[[,,,,],[,,,,]]$

$\backslash$table$[[$c$)$ Net Realizable Value,,$],[,,],[,,],[,,]]$