Exercise 7-14 (Algo) Calculate uncollectible accounts using the aging method; record adjustments [LO7-5, 7-6]Zuo Software categorizes its accounts receivable into four age groups for purposes of estimating its allowance for uncollectible accounts.Accounts not yet due = $344,000; estimated uncollectible = 20%.Accounts 1–30 days past due = $43,000; estimated uncollectible = 23%.Accounts 31–90 days past due = $34,400; estimated uncollectible = 26%Accounts more than 90 days past due = $25,800; estimated uncollectible = 30%.At 12/31/2021, before recording any adjustments, Zuo has a credit balance of $29,300 in its allowance for uncollectible accounts.Required:1. Estimate the appropriate 12/31/2021 balance for Zuo’s allowance for uncollectible accounts.2. What journal entry should Zuo record to adjust its allowance for uncollectible accounts?3. Calculate Zuo’s 12/31/2021 net accounts receivable balance.