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Credit Losses Based on Accounts Receivable Maxell, Inc analyzed its accounts receivable balances at December 31, and arrived at the aged balances listed below, along with the percentage that is estimated to be uncollectible Probability of Age Group Balance Nancollection 0.30 days pastor 3110.000 15 31-60 ay patur 27.000 39 61.120 bas de 23000 1213700 days past due 10.000 104 Der tages de 5.000 201 5189.000 6 The company handles credit losses using the allowance method. The credit balance of the Allowance for Doubtful Accounts $1,140 on December 31, before any adjustments a. Prepare the adjusting entry for estimated credit losses on December 31 1. Prepare the journal entry to write of the Porter Company's account on May 12 of the following year in the amount of $780 General Journal Description Date De Dahil Credit Te record allowance for rent General journal Description Date Det Credit To whol Porter Compact