Required information Use the following information for the Exercises below. [The following information applies to the questions displayed below.) Daley Company prepared the following aging of receivables analysis at December 31 18 Days Past Due Accounts receivable Percent uncollectible Total $580,000 $398,000 3% 1 to 30 $92,000 4X 31 to 60 61 to 90 538,000 $20,000 7% 9% Over 90 $32,888 12% Exercise 7.9 Percent of receivables method LO P3 e. 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 o S12 200 credit c. Prepare the adjusting entry to record bad debts expense using the estimate from parte Assume the unadjusted balance in the Allowance for Doubtful Accounts 15 a $1.200 debit Complete this question by entering your answers in the tabs below. 2 Req A Red Band C 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 Reg and C> Required information 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. 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. Show less View transaction is Journal entry worksheet > Record estimated bad debts assuming that Allowance for Doubtful Accounts has a $12,200 credit balance Debit Credit General Journal Date Dec 31