Exercise 5-68 (Algorithmic) Bad Debt Expense: Aging Method Glencoe Supply had the following accounts receivable aging schedule at the end of a recent year. Accounts Proportion Allowance Receivable Age Amount Expected Required to Default 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 2,560 91-135 days past due 6,100 1,525 Over 135 days past due 4,200 0.60 2,520 $11,883 12,800 0.20 The balance in Glencoe's allowance for doubtful accounts at the beginning of the year was $50,560 (credit). During the year, accounts in the total amount of $51,232 were written off. Required: 1. Determine bad debt expense. L 15,663 x Feedback 2. Prepare the journal entry to record bad debt expense. Bad Debt Expense 15,663 Allowance for Doubtful Accounts x 15,663 x Record adjusting entry for bad debt expense estimate Feedback 3. If Glencoe had written off $67,000 of receivables as uncollectible during the year, how much would bad debt expense reported on the income statement have changed? $ 43,263 x