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My Institution Courses Careers Person ACC 111:-Principles of AccountingI -Section 06 Fall 2017 myBusinessCourse Chapter 8 Homework BusinessCourse Menu it Losses Based on Accounts Receivable At December 31, Rinehart Company had a balance of $311,800 in its Accounts Receivable Credi account and a credit balance of $2,800 in the Allowance for Doubtful Accounts account. The accounts receivable T-account consisted of S317,600 in debit balances and $5,800 in credit balances. The company aged its accounts as follows: $264,000 30,000 61-180 days past due 3,200 Over 180 days past due 10,400 $317,600 Current 0-60 days past due In the past, the company has experienced credit losses as follows: 2% of current balances, 6% of balances 060 days past due, 15% of balances 61-180 days past due, and 30% of balances over six months past due. The company bases its allowance for doubtful accounts on an aging analysis of accounts receivable. Required a Prepare the adjusting entry to record the allowance for doubtful accounts for the year b. Show how Accounts Receivable (including the credit balances) and the Allowance for Doubtful Accounts would appear on the December 31 balance sheet a. General Journal