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Required information Use the following information for the Exercises below. [The following information applies to the questions displayed below.) Daley Company prepared the following aging of receivables analysis at December 31. Days Past Due Total 1 to 30 31 to 60 61 to 90 Accounts receivable $590,000 $400,000 $94,000 $40,000 $22,000 Percent uncollectible 24 64 Over 90 $34,000 111 39 84 Exercise 7-9 Percent of receivables method LO P3 a. Estimate the balance of the Allowance for Doubtful Accounts assuming the company uses 4% of total accounts receivable to estimate uncollectibles, instead of the aging of receivables method. b. Prepare the adjusting entry to record Bad Debts Expense using the estimate from part a. Assume the unadjusted balance in the Allowance for Doubtful Accounts is a $12,400 credit. c. Prepare the adjusting entry to record bad debts expense using the estimate from part a. Assume the unadjusted balance in the Allowance for Doubtful Accounts is a $1.400 debit. ve in the tahe hain c. Prepare the adjusting entry to record bad debts expense using the estimate from part a. Assume the unadjusted balance in Allowance for Doubtful Accounts is a $1,400 debit. Complete this question by entering your answers in the tabs below. Reg A Req B and C Estimate the balance of the Allowance for Doubtful Accounts assuming the company uses 4% of total accounts receivable to estimate uncollectibles, instead of the aging of receivables method. Estimated balance of allowance for uncollectibles Reg B and C > 2 of 2 Prepare the adjusting entry to record Bad Debts Expense using the estimate from part a. Assume the unadjusted balance in the Allowance for Doubtful Accounts is a $12,400 credit. Prepare the adjusting entry to record bad debts expense using the estimate from part a. Assume the unadjusted balance in the Allowance for Doubtful Accounts is a $1,400 debit. Show less View transaction list Book Journal entry worksheet 1 2 Record estimated bad debts assuming that Allowance for Doubtful Accounts has a $12,400 credit balance. Note: Enter debits before credits Date General Journal Debit Credit Dec 31 Journal entry worksheet 1 2 Record estimated bad debts assuming that Allowance for Doubtful Accounts has a $12,400 credit balance. Note: Enter debits before credits. Date General Journal Debit Credit Dec 31 Record entry Clear entry View general journal Journal entry worksheet Record estimated bad debts assuming that Allowance for Doubtful Accounts has a $1,400 debit balance. Note: Enter debits before credits Date General Journal Debit Credit Dec 31 Record entry Clear entry View general journal