Chou Company uses the aging approach to estimate bad debt expense. The ending balance of each account receivable is aged on the basis of three time periods as follows: $(1)$ not yet due, $$295,000$; $(2)$ up to $120$ days past due, $$55,000$; and $(3)$ more than $120$ days past due, $$18,000.$ Experience has shown that for each age group, the average loss rate on the amount of the receivables at year$-$end due to uncollectibility is $(1)2\mathrm{.}5$ percent, $(2)11$ percent, and $(3)30$ percent, respectively. At December $31,$ the end of the current year, the Allowance for Doubtful Accounts balance is $$100($credit$)$ before the end$-$of$-$period adjusting entry is made.

Required:

Prepare the appropriate bad debt expense adjusting entry for the current year.

Show how the various accounts related to accounts receivable should be shown on the December $31,$ current year balance sheet.

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Prepare the appropriate bad debt expense adjusting entry for the current year. $($If no entry is required for a transaction$/$event$,$ select $"$No journal entry required" in the first account field.$)$

Journal entry worksheet

$1$

Record the adjusting journal entry for bad debt expense.

Note: Enter debits before credits.

$\backslash$table$[[$Date$,$General Journal,Debit,Credit$],[$December $31,,,],[,,,],[,,,],[,,,],[,,,],[,,,]]$