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Exercise 2 - Bad debt expense using the aging of account receivable method: Russeck Inc. uses the aging of accounts receivable method to determine bad

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Exercise 2 - Bad debt expense using the aging of account receivable method: Russeck Inc. uses the aging of accounts receivable method to determine bad debt expense. The following information regarding the fiscal year 2017 is provided: Accounts Receivable, end Days Outstanding Estimated Loss Rate $300,000 Under 90 days 2% $50,000 90 to 180 days 10% $6,000 Over 180 days 30% Beginning of period allowance for uncollectible accounts: $7,000 Actual write-offs of bad debt during the period: $1,000 Required: 1. Provide the journal entry for the actual write-offs of uncollectible debt during the year. 2. Record the adjusting entry for bad debt expense in 2017

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