Required information Use the following information for the Exercises 14-15 below. (Algo) [The following information applies to the questions displayod below] Daley Company prepared the following aging of receivables analysis at December 31. Exercise 7-15 (Algo) Percent of receivables method LO P3 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. Complete this question by entering your answers in the tabs below. Estimate the balance of the Allowance for Doubtful Accounts assuming the company uses 5% of total accounts receivabie to estimate uncollectibles, instead of the aging of receivables method. Estimated balance of allowance for uncollectibles Journal entry worksheet Record estimated bad debts assuming that Allowance for Doubtful Accounts has a $12,200 credit balance. Note: Enter debits before credits: Journal entry worksheet Record estimated bad debts assuming that Allowance for Doubtful Accounts has a $1,200 debit balance. Note: Enter debits before credits