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IE Exercise 7.15 (Static): Percent of receivables method LO P3 Daley Company prepared the following aging of recelvables analysis at December 31 . a. Estimate the balance of the Allowance for Doubtful Accounts assuming the company uses (expression error)6 of total accounts recelvable to estimate uncollectibles, instesd of the aging of receivables method. b. Prepare the adjusting entry to record bad debts expense using the estimate from part a. Assume the unad usted balance in the Allowance for Doubtful Accounts is a $12.000 ctedit. c. Prepare the adjusting entry to record bad debts expense using the estimate from part a Assume the unadjusted balance in the Allowance for Doubtrul Accounts is a $1,000 debit. Navigation: 1. Use the Open Excel in New Tab button to lounch this question 2. When finished in Excel, use the Save and Return to Assignment button in the lower night to retum to Connect \begin{tabular}{|l|l|} \hline & Accounts payable \\ \hline 3 & Accounts receivable \\ \hline 4 & Allowance for doubtful accounts \\ \hline 5 & Bad debts expense \\ \hline 6 & Cash \\ \hline 7 & Cost of goods sold \\ 8 & Credit card expense \\ \hline 9 & Delivery expense \\ \hline 10 & Factoring fee expense \\ \hline 11 & Interest receivable \\ 12 & Merchandise inventory \\ 13 & Notes payable \\ 14 & Notes receivable \\ 15 & Purchases \\ 16 & Purchases discounts \\ 17 & Sales \\ 18 & Sales discounts \\ 19 & Sales returns and allowahces \\ 20 & Stores supplies \\ 21 & Transportation in \\ 22 & \end{tabular}