Problem 8-8B Estimating bad debts Lo3 excel CHECK FIGURE: a. Total estimated uncollectible accounts = $24,010 The following information is available regarding the accounts receivable of Club Fit Holdings at August 31, 2017: Month of Credit Sale* Customer May June April $ 0 52,000 July $ 58,000 Aug. $32,000 $ 24,000 $ 0 0- A. Leslie T. Meston P. Obrian L. Timms W. Victor 104.000 O- -0- 52,000 166,000 126,000 0 42,000 28,000 64,000 122,000 *All services are performed on terms of n/60. Assume all sales occurred on the last day of the month. Club Fit estimates uncollectibility of accounts receivable using the following rates: Not yet due 1 to 29 days past due 30 to 59 days past due 5% 60 to 89 days past due 90 to 119 days past Over 119 days past due due 1.5% 2% 20% 35% 50% CHAPTER 8 Receivables Required a. Complete a Schedule of Accounts Receivable bu Age at August 31, 2017, similar to Exhibit 8.13. b. The Allowance for Doubtful Accounts showed an unadjusted balance on August 1, 2017 of $9,600 (debit). Record the adjusting journal entry at August 31, 2017, to estimate uncollectible accounts