The Open Accounts Receivable aging is as follows for December 31, 2008:
|
Current |
1-30 |
31-60 |
61-90 |
Over 90 days |
|
75000 |
38000 |
15000 |
8000 |
12000 |
Using the following estimated percentage uncollectible
|
Current |
3% |
|
1-30 days past due |
8% |
|
31-90 days past due |
27% |
|
Over 90 days |
52% |
A. Calculate the estimated uncollectible
B. Assuming there is a debit balance in Allowance for Doubtful Accounts of $1,712. Prepare the adjusting entry at December 31, 2008 to record bad debt expense.