Problem 7-3A Jarden Company has credit sales of $3,600,000 for year 2017. On December 31, 2017, the company prepares a schedule of its December 31, 2017, accounts receivable by age. On the basis of past experience, It estimates the percen ng accohts receivable Allowance for Doubtf ul Accounts has an unadjusted credit balance of $14,500. Jarden and accounting for bad debts of receivables in each age category that will become uncollectible. This information is summarized here P2 P3 Expected Percent Uncollectible Age of December 31 2017, Accounts Receivable $830,000 254,000 86,000 38,000 12,000 Accounts Receivable Not yet due to 30 days past due 1 to 60 days past due 61 to 90 days past due Over 90 days past due 1.25% 2.00 6.50 32.75 68.00 Required 1. Estimate the required balance of the Allowance for Doubtful Accounts at December 31, 2017, using the aging of accounts receivable method. check (2) D. Bed Debts 2. Prepare the adjusting entry to record bad debts expense at December 31, 2017. Analysls Component 3. On June 30, 2018, Jarden Company concludes that a customer's $4,750 receivable (created in 2017 is uncollectible and that the account should be written off. What effect will this action have on Jarden's 2018 net income? Explain