Question 2 (26 points) Clay Electrical Ltd. has an Accounts Receivable balance of $350,000 as of December 1, 2020 and an Allowance for Doubtful Accounts balance of $25,000. Credit sales during the month were $125,000 with collections on account of $178,000. Write off of uncollectible receivables totaled $5,000 in December. I Aged Accounts Receivable Summary 31-Dec-20 0-30 days 31-60 days 61-90 days 91 + days Balance $ 158,000 $ 84,500 $ 33,500 $ 16,000 Estimated Uncollectible % 1% 2% 10% 50% Required a) Journalize sales, collections, write-offs of uncollectibles. b) Determine the appropriate balance in the Allowance for Doubtful Accounts account at December 31, 2020 using the Aged Accounts Receivable Summary c) Journalize bad debt expense by the allowance method for December 2020. d) Using T-Accounts, calculate the ending balances in Accounts Receivable, Allowance for Doubtful Accounts. Required a) Journalize sales, collections, write-offs of uncollectibles. b) Determine the appropriate balance in the Allowance for Doubtful Accounts account at December 31, 2020 using the Aged Accounts Receivable Summary. c) Journalize bad debt expense by the allowance method for December 2020, d) Using T-Accounts, calculate the ending balances in Accounts Receivable, Allowance for Doubtful Accounts. e) Show what Clay Electrical will report on its balance sheet at December 31, 2020