Question 9 View Policies Current Attempt in Progress At January 1, 2020, the credit balance of Indigo Corporation's Allowance for Doubtful Accounts was $407,000. During 2020, the bad debt expense entry was based on a percentage of net credit sales. Net sales for 2020 were $80 million, of which 90% were an account. Based on the information available at the time, the 2020 bad debt expense was estimated to be 0.75% of net credit sales. During 2020, uncollectible receivable amounting to $486,500 were written off against the allowance for doubtful accounts. The company has estimated that at December 31, 2020, based on a review of the aged accounts receivable, the allowance for doubtful accounts would be properly measured at $520,000. ns Prepare a schedule calcuating the balance in Indigo Corporation's Allowance for Doubtful Accounts at December 31, 2020. Balance, January 1, 2020 Bad debt expense accrual $ Jitra Uncollectible receivables written off Balance, December 31, 2020 before adjustment Allowance adjustment MacBook Prepare a schedule calculating the balance in Indigo Corporation's Allowance for Doubtful Accounts at December 31, 2020. $ Balance, January 1, 2020 Bad debt expense accrual Uncollectible receivables written off Balance, December 31, 2020 before adjustment Allowance adjustment I Balance, December 31, 2020 e Textbook and Media List of Accounts Prepare any necessary journal entry at year end to adjust the allowance for doubtful accounts to the required balance. (Credit account automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and ente the amounts.) Account Titles and Explanation Debit Credit 1 e Textbook and Media List of Accounts Save for Later Attempts: 0 of 3 used Submit Answer MacBook Air SO