Stone Importers Inc. had the following balances at December 31, 2020, before the year-end adjustments. (Click the icon to view the balances and aging of accounts receivable schedule.) 1. Journalize Stone Importers Inc.'s entry to adjust the Allowance account to its correct balance at December 31, 2020. 2. Prepare the T-account for Allowance for Doubtful Accounts. 3. Repeat requirement 1 assuming that, instead of aging the accounts, the allowance is calculated as 3.5 percent of the Accounts Receivable balance. 1. Journalize Stone Importers Inc.'s entry to adjust the allowance account to its correct balance at December 31, 2020. (Record debits first, then credits. Exclude explanations from journal entries.) Journal Entry Date Accounts Debit Credit Dec. 31 - X Balances and Aging of Accounts Receivable Accounts Receivable Allowance for Doubtful Accounts 164,000 4,000 The aging of accounts receivable yields these data. Age of Accounts Receivable 0-60 Days Over 60 Days Total Receivables Accounts receivable $155.000 $9,000 $164,000 Percent uncollectible 5% 20% Print Done