Prepare Excel spreadsheet (Part 1) Download the 'Applying Excel' worksheet below and save it to your computer. View the tutorial video, and then complete the worksheet. Enter formulas in cells that contain question marks (only use formulas). After entering formulas in all of the cells that contain question marks, verify that the amounts match the example below. (a) Estimated Amount Uncollectible $ 3,600 3,100 2,000 1,600 7,200 $17,500 (b) Adjusting entry 16,300 Bad Debt Expense Allowance for Uncollectible Accounts 16,300 (c) Net accounts receivable Accounts Receivable Less: Allowance for Uncollectible Accounts Net Accounts Receivable $ 126,000 (17,500) $ 108,500 Check your worksheet setup and formulas by changing the 'Over 90 days past due' amount to $19,000, and the Allowance for Uncollectible Accounts balance at the end of the period to $1,500 (credit). You should now have an estimated uncollectible amount of $25,500 and an adjustment amount of $24,000. If you do not get this answer, review your worksheet and the formulas you used. * View the tutorial, then complete the worksheet, replacing the question marks below with formulas. Required: (a) Based on the information given below, calculate the estimate of the amount of uncollectible accounts. (b) Prepare the adusting entry to record bad debt expense and adjust the Allowance account. (c) Show how Net accounts receivable would be shown on the Balance Sheet for the company. Given Information:* Answers: Estimated Percent Uncollectible (a) Estimated Amount Uncollectible 5% ? ? Age Group Not yet due 1-30 days past due 31-60 days past due 61-90 days past due Over 90 days past due Accounts Receivable 72,000 31,000 10,000 4,000 9,000 126,000 10% 20% 40% ? ? 80% ? ? (b) Adjusting entry Bad Debt Expense Allowance for Uncollectible Accounts 1,200 credit ? Allowance for Uncollectible Accounts ? (c) Net accounts receivable Accounts Receivable Less: Allowance for Uncollectible Accounts Net Accounts Receivable ? ? ? * Use the term debit or credit (lower case) for the balance of Allowance for Uncollectible Accounts