Bad Debt Expense: Aging Method Glencoe Supply had the following accounts receivable aging schedule at the end of a recent year. Accounts Receivable Age Allowance Required $1,553 475 3,250 2,560 1,525 2,520 $11,883 The balance in Glencoe allowance for doubtful accounts at the beginning of the year was $47,500 (credit). During the year, accounts in the total amount of $51,232 were written off. Required: 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 1. Determine bad debt expense. Amount Proportion Expected to Default $310,500 47,500 25,000 12,800 6,100 4,200 0.005 0.01 0.13 0.20 0.25 0.60 2. Prepare the journal entry to record bad debt expense. If an amount box does not require an entry, leave it blank. (Record adjusting entry for bad debt expense estimate)

Bad Debt Expense: Aging Method Glencoe Supply had the following accounts receivable aging schedule at the end of a recent year. The balance in Glencoe allowance for doubtful accounts at the bepinning of the year was $47,500 (credit). During the year, accounts in the total amount of $51,232 were written off, Required: 1. Determine bad debt expense. 2. Prepare the journal entry to record bad debt expense. If an amount box does not require an entry, leave it blank. (Record adjusting entry for bad debt expense estimate)