Bon Chance Co. uses the balance sheet approach in estimating uncollectible accounts expense. Its Allowance for Doubtful Accounts has a 5,800 credit balance prior to adjusting entries. It has just completed an aging analysis of accounts receivable at 31 December 2020. This analysis disclosed the following information: + Age Percentage Group Considered Total Uncollectible Not yet due $ 324,000 1% 1 30 days past due $ 185,000 2% 90 past due $ 80,000 18% (a) Using the table above, calculate the appropriate balance for Bon Chance's Allowance for Doubtful Accounts at 31 December 2020. (b) Prepare the year-end adjusting entry for uncollectible accounts. |