Cornerstone Exercise 5-28 (Algorithmic) Aging Method On January 1, 2019, Smith, Inc., has the following balances for accounts receivable and allowance for doubtfui accounts: During 2019, 5mith had $2,895,000 of credit sales, colsected $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 bccounts receivable baiance and estimates that $3,600 will be uncollectible. Required: 1. Caiculate Smith's preadjustment balance in accounts receivable on December 31,2019. 2. Calculate Smith's preadjustment balance in allewance for doubtful accounts on December 31, 2019. 3. Prepare the necessary adjusting entry for 2019 . Record adjusting entry for bad debt expense estimate