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 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's allowance for doubtful accounts at the beginning of the year was $47,570 (credit). During the year, accounts in the total amount of 551,232 were written off. Required: 1. Determine bad debt expense. Feedback 2. Prepare the journal entry to record bad debt expense. Bad Debt Expense Allowance for Doubtful Accounts Record adjusting entry for bad debt expense estimate Feedback 3. If Glencoe had written off 574,000 of receivables as uncollectible during the year, how much would bad debt expense reported on the income statement have changed? Feedback Feedback