ALLOWANCE FOR DOUBTFUL ACCOUNTS PROBLEM: Standard Company had the following data for accounts receivable at 12/31/20x1 (answer questions 21 and 22 based on this information): Age Category 0-30 days Amount $ 200,000 Allowance % Required Estimated Uncollectible 1.0% ? 31-90 days Over 90 days 100,000 10,000 3.0% 20.0% ? Total $ 310,000 The company uses the aging of receivables method to estimate bad debt expense. The beginning balance (at the start of the year) in the Allowance for Doubtful Accounts was $15,000 (credit). During the year, the company wrote off accounts receivable in the amount of $10,000. Q21. Determine the required balance in Allowance for Doubtful Accounts at 12/31/20X1: A. $1,000 B. $7,000 C. $6,000 D. $11,000 Q22. Considering all the data given above determine the amount of the bad debt expense adjustment for the current year: A. $1,000 B. $2,000 C. $6,000 D. $12,000