On July 31, 2020 Acme Inc had debit balance in the allowance for doubtful accounts of $5,150. An aged schedule of the accounts receivable follows, along with the estimated percentage of the receivables in each category that might not be collectible based on past experience of the business. 0-30 days 31-60 days 61-90 days 91- 120 days over 120 days Amount $296,000 177,800 58,000 7,600 3,800 % in doubt 2.0 4.0 8.5 39.0 82.5 Required: 1. Determine the balances that should be disclosed on the balance sheet. 2. What journal entry, if any, would have to be made at July 31, 2020?