Putnam& Putnam, a legal firm, uses the balance sheet approach to estimate uncollectible accounts expense. At year-end, an aging of the accounts receivable produced the following five groupings. . c. 31-60 days past due d. 61-90 days past due e. Over 90 days past due.. $300,000 .. 126,000 48,000 9,000 18,000 Total . . On the basis of past experience, the company estimated the percentages probably uncollectible for the five age groups to be as follows: Group a. 1 percent: Group b, 3 percent; Group c, 10 percent Group d, 20 percent; and Group e, 50 percent The Allowance for Doubtful Accounts before adjustment at December 31 showed a credit bal- ance of $7.080. Instructions a. Compute the estimated amount of uncollectible accounts based on the given classification by b. Prepare the adjusting entry needed to bring the Allowance for Doubtful Accounts to the proper c. Assume that on January 10 of the following year, Putnam&Putnam learned that an account age groups. amount. receivable that had originated on September I in the amount of $5,160 was worthless because of the bankruptcy of the client, Safeland Co. Prepare the journal entry required on January 10 to write off this account. d. The firm is considering the adoption of a policy whereby clients whose outstanding accounts become more than 60 days past due will be required to sign an interest-bearing note for the full amount of their outstanding balance. What advantages would such a policy offer