Cornerstone Exercise 5-28 (Algorithmic) Aging Method On January 1, 2019, Smith, Inc., has the following balances for accounts receivable and allowance for doubtful accounts: Accounts Receivable $380,000 Allowance for Doubtful Accounts (a credit balance) 3,900 During 2019, Smith had $2,900,000 of credit sales, collected $2,905,000 of accounts receivable, and wrote off $3,850 of accounts receivable as uncollectible. At year end, Smith performs an aging of its accounts receivable balance and estimates that $3,800 will be uncollectible. Required: 1. Calculate Smith's preadjustment balance in accounts receivable on December 31, 2019. $ 2. Calculate Smith's preadjustment balance in allowance for doubtful accounts on December 31, 2019. 3. Prepare the necessary adjusting entry for 2019. o Record adjusting entry for bad debt expense estimate