PROBLEM 3 (20 pts) Air King Corp has accounts receivable balance of $150,000 at December 31, 2020. It has a debit balance of $3,000 in Allowance for Doubtful Account prior to adjustment, at December 31, 2020. The company uses the ageing of accounts receivable for estimating uncollectible accounts. The company's estimated company's estimates of uncollectible accounts are as shown below. Age of Accounts Dec. 31 2020 Estimated % Uncollectible Current $100,000 1% 1-30 days past due 20,000 10% 31- 9 days past due 15,000 20% 91-180 days past due 10,000 40% Over 180 days past due M 50% $150,000 During 2021, Air King Corp. Had net credit sales of $1,000,000 and collections of $950,000. It wrote off uncollectible accounts receivable of $9,500. However, a $1,500 account previously written off was recovered before the end of the current year. Air King Corporation estimates that 8% of its accounts receivable at 121'31r'2021 will be uncollectible. REQUIRED . Prepare the journal entry to record the bad debt expense at 1213 1.12020. Prepare the journal entries to record sales and collection during 2021. Prepare the journal entry to record the write-off of uncollectible accounts during 2021. Prepare the jOLu'nal entries to record the recovery of uncollectible accounts during 2021. Determine the ending balance of accounts receivable and the unadjusted balance 111 Allowance for Doubtful Acc01u1ts for 20201 F. Prepare the journal entry to record the bad debt expense at 12f31f2021. G. Indicate how the accomits receivable will be reported on the 12f31f2021 balance sheet. moow>