Credit Losses Based on Accounts Receivable Marvel , Inc analyzed its accounts receivable balances at December 31 and arrived at the aged balances listed below, along with the percentage that is estimated to be uncollectible: Probability of Age Group Balance Noncollection 0-30 days past due $100,000 196 31-60 days past due 20,000 24 61-120 days past due 20,000 121-180 days past due 9,000 Over 180 days past due 2000 20% 5151,000 114 The company handles credit losses with the allowance method. The credit balance of the Allowance for Doubtful Accounts is $840 on December 31 before any adjustments. a. Prepare the adjusting entry for estimated credit losses on December 31 b. Prepare the journal entry to write off Porter Company's account on the following May 12, in the amount of $680 General Journal Description Debit Date Dec. Credit Bad Debts Expense Allowance for Doubtful Accounts Accounts Receivable - Porter Company b. General Journal Description Debit Credit Date May 12 e $ $ To write off Porter Company's account Check Previous Save Answers