P 9-4B Aging accounts receivable and accounting for bad debts Quisp Company has credit sales of $3.5 million for year 2015. At December 31, 2015, the company's Allowance for Doubtful Accounts has an unadjusted debit balance of $4,100. Quisp prepares a schedule of its December 31, 2015, accounts receivable by age. On the basis of past experience, it estimates the percent of receivables in each age category that will become uncollectible. This information is summarized here. xl a Arial Expected Percent Uncollectible 2 Ele Edt View Insert Format Tools Data Accounting Window HelpS DER "in. Po 21 21 la 100% December 31, 2015 Age of Accounts Receivable Accounts Receivable $296,400 Not yet due 177,800 1 to 30 days past due 58,000 31 to 60 days past due 7,600 61 to 90 days past due 3,700 Over 90 days past due 2.0% 4.0 8.5 39.0 82.0 JURIDISheet1 / Sheet2 Sheet/ Required 1. Compute the required balance of the Allowance for Doubtful Accounts at December 31, 2015, using the aging of accounts receivable method. 2. Prepare the adjusting entry to record bad debts expense at December 31, 2015. Analysis Component 3. On July 31, 2016, Quisp concludes that a customer's $2,345 receivable (created in 2015) is uncollect- ible and that the account should be written off. What effect will this action have on Quisp's 2016 net profit? Explain