On December 31, 2011, Colonial Corporation had the following account balances prior to recording adjusting entries: Gross Accounts Receivable ($25, 000) Allowance for Doubtful Accounts ($200)(credit) $5, 000 of the accounts receivables is more than 6 months old; the remaining is less than 6 months old. Based on past experience, the company does not expect to recover 40% of the amounts that are more than 6 months old while it does not expect to recover 5% of the amounts that are less than 6 months old. On March 1, in 2012, it was determined that a customer Ronald Smith, who owed $4, 000 would not be able to pay his balance. In 2012, the company had $300, 000 credit sales and the ending accounts receivable balance on December 31, 2012 was $50, 000 Write the adjusting entry to record bad debts expense on December 31, 2011, if the company uses the Ageing method to record bad debts. Write the journal entry to record the write off of Ronald Smith's balance owed. How much cash was collected from customers in 2012? Write the adjusting entry to record bad debts expense on December 31, 2012, assuming only 10% of the accounts receivables balance as on Dec 31, 2012 are more than 6 month old. Use the same uncollectability estimates as on Dec 31^st 2011