Ludwig Inc. showed the following account balances at December 31, 2015: Accounts receivable, $245,500; Allowance for doubtful accounts, $1,100; Sales (all on credit), $1,375,000; Sales discounts $18,000. During 2016, credit sales were $1,100,000; sales discounts taken were $25,500; accounts receivable collected were $1,005,000; and accounts written off during the year totalled $99,500. Assume that Ludwig Inc. uses an aging anaysis to estimated uncollectible receivables as shown below. Enter an appropriate description when entering the transactions in the journal. Dates must be entered in the format dd/mmm (ie. January 15 would be 15/Jan). T-Accounts have been provided for your calculations, but will not be marked. Age of Accounts December 31, 2015 December 31, 2016 Expected Percentage Receivable Accounts Receivable Accounts Receivable Uncollectible Not due (under 30 days) 157,000 156,000 1% 1 to 30 days past due 65,000 62,000 4% 30 to 60 days past due 17,000 10% Over days past due 6,500 4,000 60% 19,000 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 answer(s) are accurate to 2 decimal places. Accounts receivable Allowance for doubtful accounts Page 61 Credit General Journal Date Account/Explanation PR Debit 2015 Accumulated depreciation, building 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 answer(s) are accurate to 2 decimal places. Accounts receivable Allowance for doubtful accounts General Journal Account/Explanation Page 62 PR Debit Credit Date 2016 c) Show how Accounts receivable would appear on the Dec. 31, 2016 balance sheet. Please make sure your final answer(s) are accurate to the nearest whole number. Assets Current assets