2. Sogang Company had a $700 credit balance in Allowance for Doubtful Accounts at December 31, 2018, before the current year's provision for uncollectible accounts. An aging of the accounts receivable revealed the following: Current Accounts 130 days past due 31-60 days past due 61-90 days past due Over 90 days past due Total Accounts Receivable $170,000 15,000 12.000 5.000 9,000 $211.000 Estimated Percentage Uncollectible 1% 3% 6% 12% 25% 2-1. (8 points) Prepare the adjusting entry on December 31, 2018, to recognize bad debts expense. 2-2. (8 points) Assume that the company has a policy of providing for bad debts at the rate of 1% of sales, that sales for 2018 were $500,000, and that Allowance for Doubtful Accounts had a $650 credit balance before adjustment. Prepare the adjusting entry for the current year's provision for bad debts