Task 2: Receivables An aging schedule of the accounts receivable of Fortner Corp. as of December 31 , 2021 , is as follows: Based on the review of collectibility of the account balances in the "Over 120 days" aging category, additional receivables totaling $3,000 were written off as December 31 2021. At the beginning of the year, the company had an allowance of doubtful accounts of $10,000 (credit). (a) Prepare the journal entry needed to record this year's bad debt expense for the year end adjustment to Allowance for Doubtful Accounts balance as of December 31,2021. ask 3: Receivables UniClub provides catering services to local businesses. The following information was available for The UniClub for the years ended December 31, 2020 and 2021. UniClub management is preparing for a meeting with its bank concerning renewal of a loan and has collected the following information related to the above balances: 1. On November 30, 2021, UniClub agreed to accept a 6-month, $5,000 note bearing 12% interest, payable at maturity, from a major client in settlement of a $5,000 bill. The above balances do not reflect this transaction. 2. UniClub factored (i.e., sold) some accounts receivable at the end of 2021. It transferred accounts totaling $10,000 to Final Factor, Inc. Final Factor assesses UniClub a finance charge of 3% on this transfer. 3. UniClub charged off uncollectible accounts with balances of $1,600. On the basis of the latest available information, the 2021 provision for bad debts is estimated to be 2.5% of accounts receivable. (a) Based on the above transactions, determine the balance for (1) Accounts Receivable and (2) Allowance for Doubtful Accounts at December 31, 2021 (3) bad debt expense before closing (4) Total Current assets