Problem #5 The following aging schedule for the Illiad Company reflects the A/R account at year-end: Account Age Current (not yet due) 1-30 days past due 31-60 days past due 61-90 days past due Over 90 days past due $ $ $ $ $ Estimated Uncollectible A/R Percentage 420,000 2% 90,000 5% 35,000 15% 11,000 22% 2,300 40% The Allowance for Doubtful Accounts balance was $750 (credit). Required: a. Calculate the amount of the Allowance for Doubtful Accounts that should appear on December 31 of the current year balance sheet. [Show calculations] b. Prepare the adjusting journal entry to record estimated Bad Debt Expense for the current year. Accounts Credit Debit