Practice problem 2 The following represent selected information taken from a company's aging schedule to estimate uncollectible account receivable at year end Total 0-30 Number of days outstanding 31-60 61-90 91-120 Over 120 60,000 50,000 30,000 20,000 5% 7.50% 10% 12% 260,000 100,000 Accout receivable % uncollectibel Estimated bad debt 1% Calculate the total estimated bad debt expense based on the above information Prepare the year-end adjusting journal entry to record the bad debt expense using the allowance method. Assume the opening balance in the allowance for doubtful account is $10,000 credit Date Account Tile and Explanation Debit Credit of the above account $2,000 is determined to be specifically uncollectible. Prepare the journal entry to write off the uncollectible account Date Account Tile and Explanation Debit Credit The company subsequently collects $1,000 on a specific account that had previously been determined to be uncollectible in (c). Prepare the journal entries necessary to restore the account and record the cash collection Date Account Tile and Explanation Debit Credit