1. Summit Industries has a past history of uncollectible accounts, as shown below. Estimate the allowance for doubtful accounts, based on the aging of receivables schedule you completed in Exercise 9-8.
Percent
Age Class Uncollectible
Not past due 1%
1-30 days past due 6
31-60 days past due 20
61-90 days past due 35
Over 90 days past due 50