Question: urgent pleaseeee!!! 3. Fontanaco uses the Allowance Method for recognizing bad debt expenses. At the end of its' fiscal year (12-31-XX) there was a $150,000

urgent pleaseeee!!!

3. Fontanaco uses the Allowance Method for recognizing bad debt expenses. At the end of its' fiscal year (12-31-XX) there was a $150,000 credit balance in the Allowance For Bad Debts account. Fontanaco's credit department has prepared an aged accounts receivable and has estimated the $750,000 of its current accounts receivable will be un-collectible. In addition, it is estimated that 1% of Fontanaco's credit sales of $90,000,000 will be uncollectable. Required (16pts.): Make the required adjusting entry on 12/31/XX assuming: a. The balance sheet method. b. The income statement method

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