Cornerstone Exercise 5-28 (Algorithmic) Aging Method On December 31, 2021, Khalid Inc., has the following balances for accounts receivable and allowance for doubtfut accounts: Accounts Receivable $1,369,000 Allowance for Doubtful Accounts (a credit balance) 49,240 During 2022, Khalid had 518,550,000 of credit sales, collected $17.945,000 of accounts receivable, and wrote off $60,000 of accounts receivable as uncollectible. At year-end, Khalid performs an aging of its accounts receivable balance and estimates that $52,000 will be uncollectible Required: 1. Calculate Khalid's preadjustment balance in accounts receivable on December 31, 2022. 2. Calculate Khalid's prendjustment balance in allowance for doubtful accounts on December 31, 2022. 3. Prepare the necessary adjusting entry for 2022 Record adjusting entry for bad debt expense estimate Previous Seal or Go