Q1 : (2 marks) Minqu 2012, before the current year's provision for uncollectible accounts. An aging of the accounts receivable revealed the following: uo Company had a $700 credit balance in Allowance for Doubtful Accounts at December 31, Estimated Percentage Current Accounts 1-30 days past due 31-60 days past due 61-90 days past due Over 90 days past due Total Accounts Receivable $120,000 20,000 10,000 10,000 8,000 168,000 Uncollectible 190 3% 6% 12% 30% Instructions (a) Prepare the adjusting entry on December 31, 2012, to recognize bad debts expense. (b) Assume the same facts as above except that the Allowance for Doubtful Accounts account. had a $500 credit balance before the current year's provision for uncollectible accounts. Prepare the adjusting entry for the current year's provision for uncollectible accounts