The Broad Channel Company had a $500 credit balance in Allowance for Doubtful Accounts at December 31, 2022 (this is the balance in the account before the curren year's adjusting journal entry to record bad debts expense). An aging of the accoun receivable revealed the following: Estimated % Uncollectible Current Accounts $130,000 1-30 days past due 18,000 31-60 days past due 16,000 61-90 days past due 8,000 Over 90 days past due 10,000 Total Accounts Receivable $182,000 3% 6% 10% 16% 45% Instructions: a) Prepare the adjusting entry on December 31, 2022, to recognize bad debts expen: b) Assume the same facts as above except that the Allowance for Doubtful Account had a $500 debit balance before adjustment. Prepare the adjusting entry to record t current year's bad debts expense. OMIT EXPLANATIONS