During the last quarter of 2017, Nelson Products completed the following selected transactions: Dec. 30 Wrote off the following accounts receivable as uncollectible: Barry White, $2,500; Carlos Media, $2,200; and Doug Zabellos, $1,100. 31 Recorded bad debt expense based on the aging of accounts receivable, as follows: Age of Accounts Accounts Receivable 1-30 Days 31-60 Days 61-90 Days Over 90 Days Total = $328,500 $179,000 $95,000 $37,500 $17,000 Estimated percent uncollectible 0.1% 0.3% 5.0% 40.0% Required 1. Record the transactions in the general journal. 2. Open the Allowance for Doubtful Accounts three-column ledger account and post entries affecting that account. Keep a running balance. 3. Most companies report two-year comparative financial statements. If Nelson Products' Accounts Receivable balance was $320,000 and the Allowance for Doubtful Accounts stood at $12,000 at December 31, 2016, show how the company will report its Accounts Receivable in a comparative balance sheet for 2017 and 2016. 4. Suppose, on December 31, the bad debt expense was based on an estimate of 4 percent of the accounts receivable balance rather than on the aging of accounts receivable. Record the December 31, 2017, entry for bad debt expense in the general journal