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At its December 31 year-end, Accounts Receivable totaled $86,600, aged as follows: (1) 130 days...

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Accounting

At its December 31 year-end, Accounts Receivable totaled $86,600, aged as follows: (1) 130 days old, $71,000; (2) 3190 days old, $12,000; and (3) more than 90 days old, $3,600. Experience has shown that for each age group, the estimated uncollectible is (1) 12%, (2) 24%, and (3) 48%, respectively. What is the balance to which the Allowance for Doubtful Accounts will need to be adjusted at the end of the period?

Broadway Company reported a balance in Accounts Receivable of $50,000 and a zero balance in the Allowance for Doubtful Accounts. The companys aging of accounts receivable determined $12,200 to be uncollectible.

Prepare the end-of-period adjusting entry to record bad debt expense. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)

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