Problem 4 A summary of London Fashion's December 31, 2016, accounts receivable aging schedule is presented below along with the estimated percent uncollectible for each age group: Age Group 0-60 days 61-90 days 91-120 days over 120 days Amount $40,000 15,000 2,000 800 .5 1.5 15.0 80.0 The allowance for uncollectible accounts had a balance of $1,600 at January 1, 2016. During the year bad debts of $1,150 were written off Required: Prepare all 2016 journal entries with respect to bad debts and the allowance for uncollectible accounts