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need help with this questjon for class. PROBLEM (8 Points) Balance sheet method-journal entries The general ledger controlling account for Accounts Receivable has a balance

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PROBLEM (8 Points) Balance sheet method-journal entries The general ledger controlling account for Accounts Receivable has a balance of $420,500 at year-end before adjustment. The company uses the balance sheet approach to estimate uncollectible accounts. By aging the individual customers' accounts and applying a percentage based on the Company's bad debt experience, it was determined that the Allowance for Doubtful Accounts should be $9,500. Prepare the year-end adjusting entry for uncollectible accounts under each of the following independent assumptions. (a.) Allowance for Doubtful Accounts has a credit balance of $5,000. (b.) Allowance for Doubtful Accounts has a debit balance of $1500

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