Problem VII (7 points) Estimated time to complete 10 minutes. Chance Corporation had credit sales of $3,000,000 in 2018 and had $250,000 of accounts receivable at the December 31, 2018. Chance Corporation began the year with $25,000 credit balance in the allowance for bad debt account. During the year, $30,000 of accounts receivable was written off. Note: the company uses the aging analysis method to record its bad debt expense. Required Using the aging analysis method, prepare the general journal entry at December 31, 2018 to record the period's uncollectible account expense assuming that Chance estimated $40,000 of its accounts receivable to be uncollectible. Show the balance sheet presentation of accounts receivable at December 31, 2018 1. 2