Name(s) Class Time In-Class Case #8 Chapter 8 Benny Company uses the aging-of-receivables method to estimate bad debt expense. The balance of each account receivable is aged on the basis of three time periods as follows: Currently due: Up to 180 days past due: More than 180 days past due: Total Accounts Receivable: $50,000 $14,000 S 4.000 $68,000 It has been shown that for each aging group, the average uncollectible rate on the dollar amount of receivables at year-end is as follows: 3% Currently due: Up to 180 days past due: More than 180 days past due: 12% 30% At December 31, the Allowance for Doubtful Accounts balance is $200 (credit) before year- end adjustments have been made. Required 1. Prepare the appropriate bad debt expense adjusting entry for the year using the allowance method. 2. It is determined at year-end that a $1,200 accounts receivable account is specifically uncollectible. Prepare the journal entry to write this amount off the books using the allowance method. 3. Show how the various accounts related to accounts receivable should be shown on the December 31 balance sheet