On December 31, Jarden Co.'s Allowance for Doubtful Accounts has an unadjusted credit balance of $16,000. Jarden prepares a schedule of its December 31 accounts receivable by age.

1. Compute the required balance of the Allowance for Doubtful Accounts at December 31.

2. Prepare the adjusting entry to record bad debts expense at December 31. (Round percentage answers to nearest whole percent. Do not round intermediate calculations.)

3. On June 30 of the next year, Jarden concludes that a customers $3,900 receivable is uncollectible and the account is written off. Does this write off directly affect Jarden's net income?

Required information (The following information applies to the questions displayed below.) On December 31, Jarden Co.'s Allowance for Doubtful Accounts has an unadjusted credit balance of $16,000. Jarden prepares a schedule of its December 31 accounts receivable by age. Accounts Receivable $ 800,000 320,000 64,000 32,000 12,800 Age of Accounts Receivable Not yet due 1 to 30 days past due 31 to 60 days past due 61 to 90 days past due Over 90 days past due Expected Percent Uncollectible 1.30% 2.05 6.55 33.00 69.00 Required: 1. Compute the required balance of the Allowance for Doubtful Accounts at December 31. Percent Accounts Receivable Uncollectible (#.##%) Estimated Uncollectible Not due: x 11 1 to 30 31 to 60 61 to 90 Over 90: Estimated balance of allowance for uncollectibles 11 $ of View transaction list Journal entry worksheet