1 Function: SUM; Formula: Subtract, Multiply; Cell Referencing 2 3 BE8.6 Using Excel to Create an Aging Schedule and Adjust 4 for Uncollectible Accounts 5 PROBLEM 6 Canton Imports prepared the following aging schedule at 7 December 31. Number of Days 8 9 Outstanding Accounts Receivable Estimated Percentage Uncollectible 1 0-30 days $ 368,000 1% 12 31-60 days 120,000.00 4% 13 61-90 days 72,000.00 10% 4 Over 90 days 40,000.00 20% 15 $ 600.000 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 B2 33 34 35 36 87 38 Student Work Area Required: Provide input into cells shaded in yellow in this template. Use mathematical formulas with cell references to the Problem area and this work area as indicated. a. Complete the Total Estimated Uncollectible Accounts column on the aging schedule. Number of Days Outstanding 0-30 days Total Estimated Uncollectible Accounts 31-60 days 61-90 days Over 90 days b. Prepare the adjusting journal entry at December 31 to record bad debts expense, assuming that the allowance account has the following balance before adjustment. Credit balance before adjustment $3,600 Debit Credit c. Prepare the adjusting journal entry at December 31 to record bad debts expense, assuming that the allowance account has the following balance before adjustment. Debit balance before adjustment $5,400