Kingbird Merchandising uses an aging schedule to determine its estimated uncollectible accounts at year end. The percentage estimates of bad debts are as follows: KINGBIRD MERCHANDISING Aged Schedule of Accounts Receivable No. of Days Estimated % Outstanding Amount Uncollectible 0-30 days $61,000 0.40% 31-60 days 26,000 4.50% 61-90 days 11,500 18.00% Over 90 days 4,500 48.00% $103,000 Using the information above for Manoir Merchandising, prepare the adjusting entry to record bad debt expense for each of the following independent situations: The Allowance for Doubtful Accounts has an unadjusted $1,450 debit balance and the company uses the aging schedule to determine estimated uncollectible accounts. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Round answers to 2 decimal places, eg. 52.76.) Number of Days Outstanding KINGBIRD MERCHANDISING Aged Schedule of Accounts Receivable Estimated Estimated % Uncollectible Amount Uncollectible Accounts 0-30 days $61,000 0.40% $ 31-60 days 26,000 4.50% 61-90 days 11,500 18.00% Over 90 days 4,500 48.00% $103.000 $ Date Account Titles and Explanation Debit Credit Dec. 31 The Allowance for Doubtful Accounts has an unadjusted $1,450 credit balance and the company uses the aging schedule to determine estimated uncollectible accounts. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Round answers to 2 decimal places, eg. 52.76.) Date Account Titles and Explanation Debit Credit Dec. 31 The Allowance for Doubtful Accounts has an unadjusted $1,450 debit balance and management estimates that 4% of accounts receivable will be uncollectible. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Dec. 31