Problem 5-84A (Algorithmic) Aging Method Bad Debt Expense Cindy Bagnal, the manager of Cayce Printing Service, has provided you with the following aging schedule for Cayce's accounts receivable: Accounts Receivable Category Proportion Expected to Default Amount 0-20 days $80,600 0.02 21-40 days 21,500 0.08 41-60 days 11,700 0.15 Over 60 days 5,300 0.30 $119,100 Cindy indicates that the $119,100 of accounts receivable identified in the table does not include $8,900 of receivables that should be written off. Required: 1. Journalize the $8,900 write-off. Record write-off of defaulted account 2. Determine the desired postadjustment balance in allowance for doubtful accounts, Round each aging category to the nearest dollar. $ 3. If the balance in allowance for doubtful accounts before the $8,900 write-off was a debit of $450, compute bad debt expense. Prepare the adjusting entry to record bad debt expense. Record adjusting entry for bad debt expense estimate Required: 1. Journalize the $8,900 write-off. Accounts Payable account Accounts Receivable Allowance for Doubtful Accounts stadjustment balance in allowance for doubtful accounts, Round each aging category to the nearest dollar. Bad Debt Expense Cash Je for doubtful accounts before the $8,900 write-off was a debit of $450, compute bad debt expense. Prepare the adjusting entry to record bad debt expense. Record adjusting entry for bad debt expense estimate Required: 1. Journalize the $8,900 write-off. Records off of defaulted account Accounts Payable Accounts Receivable stadjustment balance in allowance for doubtful accounts, Round each aging category to the nearest dollar. Allowance for Doubtful Accounts Bad Debt Expense e for doubtful accounts before the $8,900 write-off was a debit of $450, compute bad debt expense. Prepare the adjusting entry to record bad debt expense. Sales Revenue Record adjusting entry for bad debt expense estimate Required: 1. Journalize the $8,900 write-off. Accounts Payable account Accounts Receivable stadjustment balance in allowance for doubtful accounts, Round each aging category to the nearest dollar. Allowance for Doubtful Accounts Bad Debt Expense Cash e for doubtful accounts before the $8,900 write-off was a debit of $450, compute bad debt expense. Prepare the adjusting entry to record bad debt expense. Record adjusting entry for bad debt expense estimate Required: 1. Journalize the $8,900 write-off. Record write-off of defaulted account Accounts Payable stadjustment balance in allowance for doubtful accounts, Round each aging category to the nearest dollar. Accounts Receivable Allowance for Doubtful Accounts Bad Debt Expense le for doubtful accounts before the $8,900 write-off was a debit of $450, compute bad debt expense. Prepare the adjusting entry to record bad debt expense. Cash Record adjusting entry for bad debt expense estimate