Question 35 points) Gulf Corp. had credit sales of $2,700,000 in 2014. At year End, December 31, 2014 the company's Allowance for Doubtful Accounts had an unadjusted credit balance of $18,000. The accountant for Gulf Corp. has prepared a schedule of the December 31, 2014 accounts receivable by age and, on the basis of past experience has estimated the percentage of the receivables in each age category that will become uncollectible. This information summarized as follows December 31, 2014 Age of Account Estimated Percentage Rocounts Receivable Receivable Uncollectible 3 638,000 370,000 86,000 44,000 14,000 Not due (under 30 days) 1 to 30 days past due 31 to 60 days past due 61 to 90 days past due Over 90 days past due 125 2.20 6.50 33 25 65 a) Compute the amount that should appear in the December 31, 2014 balance shoot as the allowance for doubtful accounts Allowance for doubtful accounts b) Prepare the journal entry to record bad debt expense for 2014 General Journal Page GT Date Account/Explanation F Debit Credit To record bad debt expenso