Chapter 83 Clark Company had just completed is first year in business as of 31 December Listed below are the Accounts Receivable as of that date. All customers are offered 30-day credit terms Amount Customer P. Bergevin M. Bogart J. Buckhold S. Grabski B. Greenberg B.Kasky J. Khala M. Ruble V. Skelton E Tormey Date of Sale July 20 September 10 November 23 May 18 October 17 August 9 December 8 December 12 December 22 October 2 $400 280 1,050 800 1,300 100 200 2.700 625 930 Required: (a) Age the Accounts Receivable using the classification system below. (Assume all months have exactly 30 days.) 1-30 Customer Balance Not Yet $ Due Number of Days Past Due 31-60 61-90 91-180 Over 180 Totals Estimated Bad Debt 1% 5% 10% 20% 30% 60% Rate $ $ $ $ $ $ Estimated Bad Debts Total Estimated Bad Debts = $ 134 Accounting for Receivalter und Payables Give the adjusting journal entry to record estimated bad debts expense. (Hint: This is the company's first year of business.) (c) What approach to estimating bad debt expense have you just used? () (d) Show how Accounts Receivable information will be listed on the balance sheet under current assets