10 INSTRUCTIONS: 11 Please complete each one of the four problems included in each one of the tabs int his Excel file. 14 PROBLEMI AGING OF ACCOUNTS RECEIVABLE Lullaby uses the aging approach to estimate bad debt expense. The ending balance of each account receivable is aged on the basis of three time periods as follows: 22 (1) not yet due, $22,000; (2) up to 120 days past due, $6,500; and (3) more than 120 days past due, $2,800. 26 Experience has shown that for each age group, the average loss rate on the amount of the receivables at year- end due to uncollectibility is (1) 3 percent, (2) 14 percent, and (3) 34 percent, respectively. At the end of the current year, the Allowance for Doubtful Accounts balance is $1,200 (credit) before the end-of-period adjusting entry is made. 28 Required: 32 1)Using the aging of accounts receivable method, please calculate the amount that should be recorded as Bad Debt Expense for the current year. Please show your calculations in the formulas you're using. 2) Please prepare the journal entry to record the bad expense calculated in Question 1)