PROBLEM 1 2 1 A) The Kiley Company had a $900 credt balance in Allowance for Doubtlul Accounts at December 31, 2018. before the current year's provision for uncollectible accounts. An aging of the accounts receivable revealed the following: Estimated Percentage Uncollectible Current Accounts $120,000 1% 1-30 days past due 12,000 3% 31-60 days past due 10,000 6% 61-90 days past due 5,000 12% Over 90 days past due 8.000 30% Total Accounts Receivable $155.00 Instructions (a) Prepare the adjusting entry on December 31, 2018, to recognize bad debts expense. (b) Assume the same facts as above except that the Allowance for Doubtful Accounts account had a $700 debit balance before the current year's provision for uncollectible accounts. Prepare the adjusting entry for the current year's provision for uncollectible accounts (c) Assume that the company has a policy of providing for bad debts at the rate of 1% of Sales, that Sales for 2018 were $500,000, and that Allowance for Doubtful Accounts had a $550 credit balance before adjustment. Prepare the adjusting entry for the current year's provision for bad debts. B) 1) Sept. 12 - Determined that the account of Joe Vatt for 1,200.00 is uncollectible. 2) Nov. 15 - Received a check in the amount of $ 700.00 from Joe Watt. Record the above two events. c) Prepare the following journal entries to record the following transactions June 1, 2013 - Received a 9,000, 12%, 1 year note from Mr. Frost At The Time of SALE Dec 31, 2018 Accrued interest on the above note June 1, 2019-Mr. Frost paid the full amount plus interest Alle cate and does not pay a future Assume we are (6) Assume that on June 1, 2018 - Mr. Frost deshonors expecting to collect in 6 - but we are not expecting to collect in the future . (c) The some on