P4-8B. Aging of accounts receivable allowance method (Learning Objectives 2 \& 3) 30-35 min. Yangzi International Inc. uses the aging of accounts receivable method to account for uncollectible accounts at the end of each year. All of its customers are on account with their balances due within 30 days of the sale date. Accounts receivable are grouped in three aging periods: (1) current-within the current month, (2) 31 to 60 days, and (3) 61 + days. Yangzi Intemational Inc.'s accounting policy for estimating the uncollectible accounts receivable is calculated based on (1) 5 percent on the current, (2) 10 percent on the second aging period, and (3) 40 percent on the third aging period. On March 31, the end of this fiscal year, Yangzi Intemational Inc.'s accounts receivable was $130,600. and the unadjusted Allowance for Doubttul Accounts was $5,800 (credit). The following is a list of the accounts receivable subsidiary ledger for five customers: Chaptar 4:Anwyting and Roporting Canh and Rocetvables Requirements 1. Prepare the customer aging schedule based on the three aging groups. 2. Calculate the estimated uncollectible bad debts for the year. 3. Prepare the journal entry for the bad debt expense