Chapter 5 Homework Bad Debt Expense: Aging Method Glencoe Supply had the following accounts receivable aging schedule at the end of a recent year, Proportion Accounts Expected Allowance Receivable Age...

Chapter 5 Homework Bad Debt Expense: Aging Method Glencoe Supply had the following accounts receivable aging schedule at the end of a recent year, Proportion Accounts Expected Allowance Receivable Age Amount to Default Required Current $310,500 0.005 $1,553 1-30 days past due 47,500 0.01 475 31-45 days past due 25,000 0.13 3,250 46-90 days past due 12,800 0.20 2,560 91-135 days past due 6,100 0.25 525 Over 135 days past due 4,200 0.60 2,520 $11,883 The balance in Glencoe allowance for doubtful accounts at the beginning of the year was $49,770 (credit) During the year, accounts in the total amount of $51,232 were written off. Required: 1. Determine bad debt expense. 15,663 X Feedback 2. Prepare the journal entry to record bad debt expense. If an amount box does not require an entry, leave it blank 15,663 X Bad Debt Expenses Allowance for Doubtful Accounts ✓ (Record adjusting entry for bad debt expense estimate) 15,663 X Feedback 3. If Glencoe had written off $75,000 of receivables as uncollectible during the year how much would bad debt expense reported on the income statement have changed? Check My Work 2 more Check My Work uses remaining