SUM Function: This function sums multiple cells. You can enter individual cell references or ranges. For example, "=SUM(C4,C5,C6)" and "=SUM(C4:C6)" will both return the value of C4+C5+C6.\ IF Function: This function tests whether a condition is met or not. The syntax is =IF(test_condition,value_if_true,value_if_false). Enter the condition you want to test, what you would like Excel to return if the condition is met, and what you would like Excel to return if the condition is not met. For example, if you entered =IF(C6>10,YAY,OH NO), the formula would first check whether the number in C6 is greater than 10. If it is, the formula will enter "YAY" into the cell. If C6 is less than 10, the formula will enter "OH NO" into the cell. \ AND Function: This function allows you to connect two different arguments. For example, AND(B2>10,B3>10) refers to the condition where BOTH B2 and B3 are greater than 10. If you entered =IF(AND(B2>10,B3>10),YAY,UH OH) the formula would check whether B2 and B3 are both greater than 10 and then return either a YAY or an UH OH. When combining multiple functions in this way, make sure you use the same number of closing parentheses as opening parentheses.\ DAYS Function: This function calculates the number of days between two dates. The syntax is =DAYS(end_date,start_date).\ Required: \ 1. Calculate the number of days each account has been unpaid using the =DAYS function. \ Customer Amount Invoice Date Today's Date Number of Days Unpaid \ Fitness Mania $2,500 6/17/2022 12/31/2022 197 \ Health for Life 1,900 12/21/2022 12/31/2022 10 \ Holistic Health Options 12,750 10/12/2022 12/31/2022 80 \ Image Reimaging 7,000 12/5/2022 12/31/2022 26 \ Today's Gym World 4,600 11/29/2022 12/31/2022 32 \ Whole Life Fitness Center 15,900 11/20/2022 12/31/2022 41 \ Workouts Unlimited 3,800 10/2/2022 12/31/2022 90 \ Total $48,450 \ 2. Use the information from Requirement 1 to complete the Aging of Accounts Receivable Schedule. \ Use the =IF function to determine where each customer amount belongs. Do not leave any cells blank. \ Use =AND to check date ranges. For example, to go in Column C, a receivable must be older than 30 days AND less than 61 days old. \ Use =SUM to calculate each total. Include cells even if their amount is zero so this table can be easily updated for different receivables balances. \ Number of Days Unpaid \ Customer 0-30 31-60 61-90 Over 90 Total\ Fitness Mania \ Health for Life \ Holistic Health Options \ Image Reimaging \ Today's Gym World \ Whole Life Fitness Center \ Workouts Unlimited \ Total Accounts Receivable \ Estimated Uncollectible( %) 2% 10% 25% 45% \ Estimated Uncollectible ($) \ 3. Prepare the journal entry to record bad debt expense assuming the existing Allowance for Doubtful Accounts balance is as shown. \ Allowance for Doubtful Accounts $250 credit balance \ Bad Debt Expense \ Allowance for Doubtful Accounts \ 4. Prepare the adjusting journal entry for recording bad debt expense if the Allowance for Doubtful Accounts had the unadjusted balance shown. \ Allowance for Doubtful Accounts $1,500 debit balance \ Bad Debt Expense $1,500