Problem 5.2 Windsor Co. had the following account balances at the beginning of the year (January 1, 20X4): Accounts receivable $495,000 Less: Allowance for uncollectible accounts 32.600 Accounts receivable (net) $462,400 ........... $35,000 During 20X4, the following (aggregated) transactions occurred: 1) Cash sales ...... $165,000 2) Credit sales on account...... ...... $2,054,000 3) Cash collections on accounts receivable....... .... $2,002,000 (excludes cash collected on recoveries of previously written off accounts) 4) Accounts receivable write offs.. 5) Recovery of previously written off account receivable ......... ........... $2,000 Windsor Co. uses the allowance method to estimate bad debts based on an aging of accounts receivable. The December 31, 20X4, accounts receivable and the percentage of estimated uncollectible accounts (based on past experience) are as follows: Accounts Receivable Estimated Uncollectible Percentage Current ... $290,000 3% Overdue 1 to 30 days 91,700 Overdue 31 to 60 days 75,000 10% Overdue 61 to 90 days .... . 35,000 20% Overdue more than 90 days...... 20.300 40% Total $512,000 5% Required: a) Prepare the journal entries made for the 20X4 (aggregated) transactions 1 through 5. b) Based on the aging of accounts receivable and the other information provided, prepare the journal entry to record bad debt expense for the year ended December 31, 20X4. c) Present accounts receivable as it should appear in the Statement of Financial Position on December 31, 20X4