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Exercise 5-49 (Algorithmic) Bad Debt Expense: Aging Method Glencoe Supply had the following accounts receivable...

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Exercise 5-49 (Algorithmic) Bad Debt Expense: Aging Method Glencoe Supply had the following accounts receivable aging schedule at the end of a recent year. Accounts Receivable Age Current 1-30 days past due 31-45 days past due 46-90 days past due 91-135 days past due Over 135 days past due Amount $310,500 47,500 25,000 12,800 6,100 4,200 Proportion Expected 10 Default 0.005 0.01 0.13 0.20 0.25 0.60 Allowance Required $ 1,553 475 3,250 2,560 1,525 2,520 $11.883 The balance in Glencoe's allowance for doubtful accounts at the beginning of the year was $46,790 (credit). During the year, accounts in the total amount of $51,232 were written off. 1. Determine bad debt expense. 1. Determine had debt expense 2. Prepare the journal entry to record bad debt expense Record adjusting entry for bad debt expense estimate 3. By how much would bad debit expense reported on the income statement have changed if Glencoe had written off $80,000 of receivables as uncollectible during the va

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