Concept Review Exercise UNCOLLECTIBLE ACCOUNTS RECEIVABLE The Crowe Company offers 30 days of credit to its customers. At the end of the year, bad debts expense is estimated and the allowance for uncollectible accounts is adjusted based on an aging of accounts receivable. The company began 2022 with the following balances in its accounts: Accounts receivable $350,000 Allowance for uncollectible accounts (30,000) Net accounts receivable $320,000 During 2022, sales on credit were $1,300,000, cash collections from customers were $1,253,000, and actual write-offs of accounts were $25,000. Crowe Company Accounts Receivable Aging December 31, 2022 Summary Age Group Amount Estimated Percent Uncollectible 6% 0-60 days $250,000 61-90 days 80,000 91-120 days 32,000 Over 121 days 10,000 Total $372,000 15% 25% 50% Required: 1. Determine the balances in accounts receivable and allowance for uncollectible accounts at the end of 2022. 2. Determine bad debt expense for 2022. 3. Prepare journal entries to write off receivables and to recognize bad debt expense for 2022