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.