Aging of Accounts Receivable Waffle Company's accounts receivable reveal the following balances: Age of Accounts Current.. 1-30 days past due 31-60 days past due Receivable Balance $720,000 395,000 105,000 52,000 13,000 61-90 days past due 91-120 days past due 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: Current..... 1-30 days past due 31-60 days past due 61-90 days past due 91-120 days past due 0.5% 3.0 16.0 52.5 92.0 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.