Age Class Not past due 1-30 days past due 31-60 days past due 61-90 days past due Percent Uncollectible 1% 5 25 35 50 Over 90 days past due Estimate the allowance for doubtful accounts, based on the aging of receivables schedule below. Kirchhoff Industries Aging of Receivables Schedule < Customer Balance Due Not Past 1-30 Days 31-60 Days 61-90 Days Over 90 Days Past Due Past Due Past Due Past Due Subtotals 751,500 443,400 165,300 67,600 37,600 37,600 Conover Industries 11,000 11,000 Keystone Company 16,800 16,800 Moxie Creek Inc. 7,500 7,500 Rainbow Company 10,700 10,700 Swanson Company 32,000 32,000 Total receivables 829,500 475,400 176,000 75,100 54,400 48,600 Percentage uncollectible 1% 5% 25% 35% 50% Allowance for Doubtful Accounts. The following selected transactions were completed by Fasteners Inc. Co., a supplier of buttons and zippers for clothing: 20Y3 Nov. 21. Received from McKenna Outer Wear Co., on account, a $48,000, 60-day, 9% note dated November 21 in settlement of a p account. Dec. 31. Recorded an adjusting entry for accrued interest on the note of November 21. 2014 Jan. 20. Received payment of note and interest from McKenna Outer Wear Co. Journalize the entries to record the transactions. If an amount box does not require an entry, leave it blank. Assume a 360-day year when calculating interest. Round answers to the nearest dollar amount. 20Y3, Nov. 21 Notes Receivable < Accounts Receivable-McKenna Outer Wear Co. Dec. 31 Interest Receivable Interest Revenue 2014, Jan. 20 Cash Notes Receivable Interest Receivable Interest Revenue 48,000 48,000 0000