Exercise 5-68 Bad Debt Expense: Aging Method Glencoe Supply had the following accounts receivable aging schedule at the end of a recent year Proportion Expected to Default Allowance Accounts Required Receivable Age Amount $310,500 0.005 Current $1,553 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 47,500 0.01 475 25,000 12,800 3,250 2,560 1,525 2,520 0.13 0.20 6,100 4,200 0.25 0.60 $11,883 The balance in Glencoe's allowance for doubtful accounts at the beginning of the year was $58,620 (credit). During the year, accounts in the total amount of $62,400 were written off. Required: Determine bad debt expense. 2. Prepare the journal entry to record bad debt expense. 3. If Glencoe had written off $90,000 of receivables as uncollectible during the year, how much would bad debt expense reported on the income statement have changed? 1