At December 31, Y5; Aylmer Inc had the follow amounts related to accounts receivable: 0 - 30 days 201,900 Total sales 2,100,000 31 - 60 days 452,600 Percent of sales on account 92% 61 - 90 days 78,690 91 - 120 days 46,900 Over 120 days 11,540 TOTAL 791,630 Based on prior years, and an aging analysis, Aylmer's management determined that the following percents are estimated to be uncollectible: 0 - 30 days 0.30% 31 - 60 days 1.20% 61 - 90 days 1.50% 91 - 120 days 5.00% Over 120 days 13.00%

REQUIRED - based on the above information, answer the four (4) following INDEPENDANT questions: 1. If Aylmer uses the balance sheet approach, given the information above, prepare the appropriate journal entry to record bad debt expense, assuming that the allowance for doubtful accounts has a CREDIT balance of 5,600

2. If Aylmer uses the balance sheet approach, given the information above, prepare the appropriate journal entry to record bad debt expense, assuming that the allowance for doubtful accounts has a DEBIT balance of 4,500 3. If Aylmer uses the income statement approach, given the information above, prepare the appropriate journal entry to record bad debt expense: assuming that bad debt expense is estimated to be 1.00% of credit sales

4. On January 28, Y6, a customer that owed Aylmer $4,890 declared bankruptcy. Prepare the appropriate journal entry.