Aging of Accounts Receivable Smoot Company’s accounts receivable reveal the following balances:

The credit balance in Allowance for Bad Debts is now $42,000. After a thorough analysis of its collection history, the company estimates that the following percentages of receivables will eventually prove uncollectible:

Prepare an aging schedule for the accounts receivable, and give the journal entry for recording the necessary change in the allowance for bad debts account.

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Age of Accounts Current 1-30 days past due 31-60 days past due 61-90 days past due 91-120 days past due Receivable Balance $720,000 395,000 105,000 52,000 13,000