Pharoah Co. uses an aging schedule to determine its estimated uncollectible accounts at December 31. Complete the following schedule Accounts Number of Days Outstanding 0-30 days Estimated % Uncollectible Estimated Uncollectible Accounts $273,000 1% 31-60 days 84,000 61-90 days 42,000 Over 90 days 21,000 Total $420,000 Determine the required balance in the Allowance for Doubtful Accounts and the carrying amount of the accounts receivable. Allowance for doubtful accounts Carrying amount e Textbook and Media Wildhorse Co. uses the percentage of sales approach to record bad debt expense. It estimates that 1.5% of net credit sales will become uncollectible. Credit sales are $1,050,000 for the year ended April 30, 2021; sales discounts are $24,000, accounts receivable are $365,800, and the allowance for doubtful accounts has a credit balance of $7,080. Prepare the adjusting entry to record bad debt expense in 2021. (Credit account titles are automatically indented when the amount is entered. Do not Indent manually. If no entry is required, select "No Entry for the account titles and enter for the amounts.) Debit Credit Date Account Titles and Explanation Apr. 30 (To record estimate of uncollectible accounts.) e Textbook and Media List of Accounts