Domino Company uses the percent of receivables method to estimate uncollectible accounts expense. Domino began...
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Domino Company uses the percent of receivables method to estimate uncollectible accounts expense. Domino began 2016 with balances in Accounts Receivable and Allowance for Doubtful Accounts of $76,500 and $5,800, respectively. During the year, the company wrote off $4,640 in uncollectible accounts. In preparation for the company's 2016 estimate, Domino prepared the following aging schedule:
| Number of Days Past Due | Receivables Amount | % Likely to be Uncollectible |
| Current | $ 104,000 | 1% |
| 0-30 | 45,000 | 5% |
| 31-60 | 9,920 | 10% |
| 61-90 | 4,440 | 25% |
| Over 90 | 3,800 | 50% |
| Total | $ 167,160 |
What will Domino record as Uncollectible Accounts Expense for 2016?
$6,132
$1,512
$7,292
$4,640
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