Bad Debt Expense: Aging Method

Glencoe Supply had the following accounts receivable aging schedule at the end of a recent year.

Accounts  Receivable Age	Amount	Proportion Expected to Default	Allowance Required
Current	$310,500		0.005		$1,553
1-30 days past due	47,500		0.01		475
31-45 days past due	25,000		0.13		3,250
46-90 days past due	12,800		0.20		2,560
91-135 days past due	6,100		0.25		1,525
Over 135 days past due	4,200		0.60		2,520
					$11,883

The balance in Glencoe allowance for doubtful accounts at the beginning of the year was $47,820 (credit). During the year, accounts in the total amount of $51,232 were written off.

Required:

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1.  Determine bad debt expense.
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2.  Prepare the journal entry to record bad debt expense. If an amount box does not require an entry, leave it blank.