how to calculate the bad debt expense and Allowance for Uncollectible Accounts?

Required information Exercise 7-21B Complete the accounting cycle using long-term asset transactions (LO7-4, 7-7) [The following information applies to the questions displayed below.) On January 1, Year 1, the general ledger of a company includes the following account balances: Credit Debit $ 60,400 28,400 $ 3,900 Accounts Cash Accounts Receivable Allowance for Uncollectible Accounts Inventory Notes Receivable (5%, due in 2 years) Land Accounts Payable Common Stock Retained Earnings Totals 38,000 32,400 172,000 16,500 237,000 73,800 $331,200 $331,200 During January Year 1, the following transactions occur: January 1 Purchase equipment for $21,200. The company estimates a residual value of $3,200 and a four-year service life. January 4 Pay cash on accounts payable, $11,200. January 8 Purchase additional inventory on account, $99,900. January 15 Receive cash on accounts receivable, $23,700. January 19 Pay cash for salaries, $31,500. January 28 Pay cash for January utilities, $18, 200. January 30 Sales for January total $237,000. All of these sales are on account. The cost of the units sold is $123,500. a. Depreciation on the equipment for the month of January is calculated using the straight-line method. b. The company estimates future uncollectible accounts. The company determines $4,700 of accounts receivable on January 31 are past due, and 50% of these accounts are estimated to be uncollectible. The remaining accounts receivable on January 31 are not past due, and 3% of these accounts are estimated to be uncollectible. (Hint: Use the January 31 accounts receivable balance calculated in the general ledger.) c. Accrued interest revenue on notes receivable for January. d. Unpaid salaries at the end of January are $34,300. e. Accrued income taxes at the end of January are $10,700. transaction list View journal entry worksheet General Journal Debit Credit Ho 1 Date January 31 375 Depreciation Expense Accumulated Depreciation 375 January 31 8,347 Bad Debt Expense Allowance for Uncollectible Accounts 8,347 3 January 31 135 Interest Receivable Interest Revenue 135 January 31 34,300 Salaries Expense Salaries Payable 34,300 5 January 31 10,700 Income Tax Expense Income Tax Payable 10,700