Liam Ltd. had a $1,600 debit balance in Allowance for Doubtful Accounts at December 31, 2022, before the current year's provision for uncollectible accounts. An aging of the accounts recievable revealed the following:

Prepare the adjusting entry at December 31, 2022, to recognize bad debts expense (please show all your work).

Current Accounts 1-30 days past due 31-60 days past due 61-90 days past due Over 90 days past due.. Total Accounts Receivable $300,000 30,000 16,000 10,000 12,000 $368.000 Estimated Percentage Uncollectible 1% 3% 6% 12% 30%