! Required information [The following information applies to the questions displayed below.] Daley Company prepared the following aging of receivables analysis at December 31. Days Past Due Total Accounts receivable Percent uncollectible $ 580,000 0 $ 398,000 1 to 30 $ 92,000 31 to 60 $ 38,000 3% 4% 7% 61 to 90 $ 20,000 9% Over 90 $ 32,000 12% a. Complete the table below to calculate the estimated balance of Allowance for Doubtful Accounts using aging of accounts receivable. b. Prepare the adjusting entry to record bad debts expense using the estimate from part a. Assume the unadjusted balance in the Allowance for Doubtful Accounts is a $3,800 credit. c. Prepare the adjusting entry to record bad debts expense using the estimate from part a. Assume the unadjusted balance in the Allowance for Doubtful Accounts is a $300 debit. Complete the table below to calculate the estimated balance of Allowance for Doubtful Accounts using aging of accounts receivable. Not due: 1 to 30: Accounts Receivable x Percent Uncollectible (%) Estimated Uncollectible = = 31 to 60: x = 61 to 90: = Over 90: = Estimated balance of allowance for uncollectibles $ 0 Journal entry worksheet 1 2 Record estimated bad debts assuming that Allowance for Doubtful Accounts has a $3,800 credit balance. Note: Enter debits before credits. General Journal Debit Credit Date December 31 Record entry Clear entry View general journal Journal entry worksheet < 1 2 Record estimated bad debts assuming that Allowance for Doubtful Accounts has a $300 debit balance. Note: Enter debits before credits. Date December 31 General Journal Debit Credit Record entry Clear entry View general journal a. Estimate the balance of the Allowance for Doubtful Accounts assuming the company uses 5% of total accounts receivable to estimate uncollectibles, instead of the aging of receivables method. b. Prepare the adjusting entry to record bad debts expense using the estimate from part a. Assume the unadjusted balance in the Allowance for Doubtful Accounts is a $12,200 credit. c. Prepare the adjusting entry to record bad debts expense using the estimate from part a. Assume the unadjusted balance in the Allowance for Doubtful Accounts is a $1,200 debit. Estimate the balance of the Allowance for Doubtful Accounts assuming the company uses 5% of total accounts receivable to estimate uncollectibles, instead of the aging of receivables method. Estimated balance of allowance for uncollectibles Journal entry worksheet 1 2 Record estimated bad debts assuming that Allowance for Doubtful Accounts has a $12,200 credit balance. Note: Enter debits before credits. Date December 31 General Journal Debit Credit > Journal entry worksheet < 1 2 Record estimated bad debts assuming that Allowance for Doubtful Accounts has a $1,200 debit balance. Note: Enter debits before credits. General Journal Debit Credit Date December 31