Required information Problem 5-6A Using estimates of uncollectible accounts to overstate income (L05-5) The following information applies to the questions displayed below.) Willie Cheetum is the CEO of Happy Foods, a distributor of produce to grocery store chains throughout the Midwest. At the end of the year, the company's accounting manager provides Willie with the following information, before any adjustment Accounts receivable Estimated percentage uncollectible Allowance for uncollectible accounts Operating income $940,000 9% $ 24,000 (credit) $244,000 Willie's compensation contract states that if the company generates operating Income of at least $194,000, he will get a salary bonus early next year. Required: 1. Record the adjusting entry for uncollectible accounts using the accountant's estimate of 9% of accounts receivable. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet