3. Assume Ritchie uses the aging-of-accounts-receivable method for estimating uncollectible accounts. Ritchie estimates that uncollectible accounts will be aged as follows: 2% for 1-30 days; 4% for 31-60 days; 10% for 61-90 days; and 25% for over 90 days. The balance in allowance for doubtful accounts after the adjusting entry for uncollectible accounts will be: 4. Assume Ritchie uses the aging-of-accounts-receivable method for estimating uncollectible accounts. Ritchie estimates that uncollectible accounts will be aged as follows: 3% for 1-30 days; 5% for 31-60 days; 8% for 61-90 days; and 20% for over 90 days. Record the adjusting entry to record bad-debt expense for the year. 5. The following information is available for Martin Services for the year for the year ended December 31, 2027. Accounts receivable Bal. Jan. 1, 2027 Allowance for doubtful accounts Jan 1, 2027 Sales Revenue for 2027 (40% on credit) Bad debt write-offs during 2027 Bad debt recoveries during 2027 Collections on account during 2027 $20, 500 1,000 Cr. 600,000 1,500 600 230,000 Assume that Martin Services uses the percent-of-accounts-receivable method of estimating bad debts, at the rate of 4%. Calculate the amount of the bad-debt expense for Martin Services for the year ended December 31, 2027. DATA: The Ritchie Company gathered the following information pertaining to its year ended December 31, 2027, prior to any adjustments: Net credit sales for the year Accounts receivable, Dec. 31, 2017 $780,000 170,000 Allowance for doubtful accounts, December 31, 2027 3,200 cr Aging of accounts receivable at December 31, 2027: 1-30 days $95,000 31-60 days 38,000 61-90 days 23,000 Over 90 days 14,000 Total $170,000