Problem 7-3A Aging accounts receivable and accounting for bad debts LO P2, P3 [The following information applies to the questions displayed below) Jarden Company has credit sales of $3,600,000 for year 2017. On December 31, 2017, the company's Allowance for Doubtful Accounts has an unadjusted credit balance of $14,500. Jarden prepares a schedule of its December 31, 2017, accounts receivable by age. On the basis of past experience, it estimates the percent of receivables in each age category that will become uncollectible. This information is summarized here. December 31, 2017 Age of Expected Percent Recounts Receivable Accounts Receivable Uncollectible $830,000 Not yet dae 254,000 1 to 30 days past due 86,000 31 to 60 days past die 38,000 61 to 90 days past due 12,000 Over 90 days past due 1.258 6.50 32.75 Problem 7-3A Part 1 Required: 1. Estimate the required balance of the Allowance for Doubtful Accounts at December 31, 2017, using the aging of accounts receivable method Accounts receivable Percent uncollectible (60%) Estimated uncollectible x x Not due 1 to 30 31 to 60 61 to Do Over 90 Problem 7-3A Part 2 2. Prepare the adjusting entry to record bad debts expense at December 31, 2017 View transaction list Journal entry worksheet