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Company reports the following information for accounts receivable. Days Past Due Current 1-30 31-60 61-90 Over 90 $100,000 $80,000 $50,000 $30,000 $20,000 Estimates of amounts

Company reports the following information for accounts receivable.

Days Past Due

Current 1-30 31-60 61-90 Over 90

$100,000 $80,000 $50,000 $30,000 $20,000

Estimates of amounts to be written off for each category are:

Current Receivables 5%

Receivables 1 30 10%

Receivables 31- 60 20%

Receivables 61 90 40%

Receivables Over 90 80%

Prepare the journal entry to record the Uncollectible Accounts Expense, assuming this account has a $1,000 credit balance in the in the Allowance for Doubtful Accounts prior to making the necessary adjustment.

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