Total Estimated % uncollectible 1-30 days days Current past due past due $42,000 $31,500 $5,000 1%...

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Total Estimated % uncollectible 1-30 days days Current past due past due $42,000 $31,500 $5,000 1% 2% days past due $6,500 10% 30% Required: 1. Determine the balances of accounts receivable and allowance for doubtful accounts at December 31, 2023, based on the preceding information. (Hint: use T-accounts to keep track of the effects of the transactions above on these accounts.) Answer is complete but not Accounts receivable 64,000X Allowance for doubtful accounts $ 11,000 2-a. Using the aging schedule, compute the bad debt expense for December 2023. Answer is complete but not Bad debt expense $ ect. 3,500 2-b. Prepare the journal entry to record bad debt expense for December 2023. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Answer is complete but not entirely correct. No 1 Date Dec. 31 General Journal Bad debt expense Allowance for doubtful accounts Debit 3,500X Credit 3,500X 3. Compute the gross profit percentage and the receivables turnover ratio for December 2023. (Round the final answers to 2 decimal places.) Answer is complete but not Gross profit percentage Receivable turnover ratio 47.76 % 0.38 times Total Estimated % uncollectible 1-30 days days Current past due past due $42,000 $31,500 $5,000 1% 2% days past due $6,500 10% 30% Required: 1. Determine the balances of accounts receivable and allowance for doubtful accounts at December 31, 2023, based on the preceding information. (Hint: use T-accounts to keep track of the effects of the transactions above on these accounts.) Answer is complete but not Accounts receivable 64,000X Allowance for doubtful accounts $ 11,000 2-a. Using the aging schedule, compute the bad debt expense for December 2023. Answer is complete but not Bad debt expense $ ect. 3,500 2-b. Prepare the journal entry to record bad debt expense for December 2023. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Answer is complete but not entirely correct. No 1 Date Dec. 31 General Journal Bad debt expense Allowance for doubtful accounts Debit 3,500X Credit 3,500X 3. Compute the gross profit percentage and the receivables turnover ratio for December 2023. (Round the final answers to 2 decimal places.) Answer is complete but not Gross profit percentage Receivable turnover ratio 47.76 % 0.38 times