AP6-3 (Static) Determining Bad Debt Expense Based on Aglng Analysis LO6-2 [The following information applies to the questions displayed below.] Assume that Briggs \& Stralton Engines Incorpornted uses the aging nppronch to estimate bad debt expense at the end of each accounting year. Credit sales occur frequently on terms n/45. The balance of ench accourt receivable is aged on the basis of four time periods as follows: (1) not yet due, (2) up to 6 monith past due, (5) 6 to 12 moriths past due, and (4) more than 1 year past due. Experience has shown that for each age group, the average loss rate of the arrioum of the receivable at year end due to uncollectibility is (a) 1 percent, (b) 5 percent, (c) 20 percent, afid (f) 90 percent, respectively. At December 31, 2022 (end of the current accounting year), the Accounts Receivable balance was s39,500 arid the Allowance for Doubtful Accounts balance was $1,550 (credit). In determining which accounts have been pmio, the company applies collections to the oldest sales first. To simplify, only five customer accourits are used; the details, of each on December 31, 2022, follow: 3. Prepare the adjusting entry for bad debt expense at December 31, 2022. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Journal entry worksheet Record the journal entry for bad debt expense at December 31, 2022. Note: Enter debits before credits