Peony Ltd. had an unadjusted debit balance in its Allowance for Doubtful Accounts at December 31, 2020, of $4,100.

December 31, 2020 Accounts Receivable	Age of Accounts Receivable	Expected Percentage Uncollectible
$266,000	Not due (under 30 days)	2%
154,000	1 to 30 days past due	7%
129,000	31 to 60 days past due	10%
74,000	61 to 90 days past due	16%
32,000	> 90 days past due	24%

Required

1. Prepare the adjusting entry if Peony Ltd. estimates uncollectible accounts based on an aging analysis as shown above.
2. Show how accounts receivable would appear on the December 31, 2020, balance sheet.