E6-7 Aging of Accounts Receivable Waffle Company's accounts receivable reveal the following balances: 103 Age of Accounts Current 1-30 days past due 31-60 days past due ........ 61-90 days past due...... 91-120 days past due..... Receivable Balance $720,000 395,000 105,000 52,000 13,000 The credit balance in Allowance for Bad Debts is now $42,000. After a thorough analysis of its collection history, the company estimates that the following percentages of receivables will eventually prove uncollectible: 0.5% 3.0 Current. 1-30 days past due .... . 31-60 days past due ..... 61-90 days past due 91-120 days past due ....... ... ....... 16.0 52.5 92.0 Prepare an aging schedule for the accounts receivable, and give the journal entry for recording the necessary change in the allowance for bad debts account