DETERMINING UNCOLLECTIBLE ACCOUNT EXPENSE USING THE AGING METHOD. At the beginning of the year, Tennyson Auto Parts had an accounts receivable balance of $31,800 and a balance in the allowance for uncollectible accounts of

$2,980 (credit). During the year Tennyson had credit sales of $624,300, collected accounts receivable in the amount of $602,700, wrote off $18,600 of accounts receivable, and had the following data for accounts receivable at the end of the period:

REQUIRED:
1. Determine the desired postadjustment balance in allowance for uncollectible accounts.
2. Determine the balance in allowance for uncollectible accounts before the uncollectible account expense adjusting entry is posted.
3. Compute uncollectible account expense.
4. Prepare the adjusting entry to record uncollectible account expense.  lol

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ACCOUNTS RECEIVABLE AGE PROPORTION EXPECTED AMOUNT TO DEFAULT Current $20,400 .01 1-15 days past due 5,300 .02 16-45 days past due 3,100 .08 46-90 days past due. 3,600 .15 Over 90 days past due 2,400 .30 $34,800