An aging analysis of Oak Ridge Limited's accounts receivable at December 31, 2018 and 2017, showed the following: Accounts Receivable Estimated Percentage Uncollectible 2018 2017 3% Number of Days Outstanding 0-30 days 31-60 days 61-90 days Over 90 days $300,400 64,200 86,400 6% $321,600 114,500 76,100 49,700 $561,900 12% 24% 129,400 $580,400 Total Additional information: 1. At December 31, 2017, the unadjusted balance in Allowance for Doubtful Accounts was a credit of $9,800. 2. In 2018, $42,000 of accounts were written off as uncollectible and $3,300 of accounts previously written off were recovered. Prepare an aging schedule to calculate the estimated uncollectible accounts at December 31, 2017 and 2018. Note that the estimated percentages uncollectible are the same for both years. Total estimated allowance balance at Dec. 31, 2017: Number of Days Outstanding Accounts Receivable Estimated Percentage Uncollectible Estimated Uncollectible Accounts 9648 0-30 days $321,600 3% 31-60 days 114,500 6% 6870 61-90 days 9132 76,100 12% Over 90 days 49,700 24% 11928 37578 Total $561,900 $ Total estimated allowance balance at Dec 31, 2018: Number of Days Outstanding Accounts Receivable Estimated Percentage Uncollectible Estimated Uncollectible Accounts 9012 0-30 days $300,400 3% $ 31-60 days 64,200 6% 3852 61-90 days 86,400 12% 10368 Over 90 days 129,400 24% 31056 31-60 days 64,200 6% 3852 61-90 days 86,400 10368 12% Over 90 days 129,400 24% 31056 54288 Total $580,400 $ Record the adjusting entry relating to bad debts on December 31, 2017. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter o for the amounts.) Account Titles and Explanation Debit Credit Bad Debts Expense 27778 Accounts Receivable 27778 Record the write off of uncollectible accounts in 2018. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter o for the amounts.) Account Titles and Explanation Debit Credit Bad Debts Expense 15588 Accounts Receivable 15588 Record the collection of accounts previously written off in 2018. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter o for the amounts.) Account Titles and Explanation Debit Credit Accounts Receivable 3300 Allowance for Doubtful Accounts 3300 (To reverse write off of account receivable) Cash 3300 Accounts Receivable 3300 (To record collections) Prepare the adjusting entry relating to bad debts on December 31, 2018. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter o for the Prepare the adjusting entry relating to bad debts on December 31, 2018. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter o forth amounts.) Account Titles and Explanation Debit Credit Bad Debts Expense Allowance for Doubtful Accounts Calculate the carrying amount of Oak Ridge's accounts receivable at December 31, 2017 and 2018. 2018 2017 Carrying amount $
