Required information [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 $1,100,000 9% $ 40,000 (credit) $ 260,000 Willie's compensation contract states that if the company generates operating income of at least $210,000, 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.) Answer is complete but not entirely correct. No Transaction Debit Credit A 1 General Journal Bad Debt Expense Allowance for Uncollectible Accounts 60,000 vo 60,000 X 2-a. After the adjustment is recorded in Part 1, what is the revised amount of operating income? Answer is complete but not entirely correct. Revised operating $ 260,000 $ income 4. By how much would total assets and operating income be misstated using the 6% amount? Answer is complete but not entirely correct. $ 40,300 Total assets Operating income Overstated by Overstated by $ 40,300