PROBLEM #3 Erickson Company had a $400 credit balance in Allowance for Doubtful Accounts at December 31, 2012, before the current year's provision for uncollectible accounts. An aging of the accounts receivable revealed the following: Estimated Percentage Uncollectible Current Accounts 1-30 days past due 31-60 days past due 61-90 days past due Over 90 days past due Total Accounts Receivable $170,000 15,000 12,000 5,000 9,000 $211000 190 3% 5% 12% 30% Instructions (a) Prepare the adjusting entry on December 31, 2012, to recognize bad debts expense (b) Assume the same facts as above except that the Allowance for Doubtful Accounts account had a $400 debit balance before the current year's provision for uncollectible accounts. Prepare the adjusting entry for the current year's provision for uncollectible accounts. PROBLEM #4: Great Plains Supply Co. has the following transactions related to notes receivable during the last 2 months of the year I oaned $90,000 cash to B. Benson on a 1-year, 8% note 7% note. Nov 1 00000 a0-day