Problem 8-3A Presented below is an aging schedule for Ivanhoe Company. Not Yet Due Number of Days Past Due Over 1-30 31-60 61-90 90 $8,700 $15,000 Customer Aneesh Bird Cope DeSpears Others Total $ 23,700 27,900 53,500 38,500 126,300 $269,900 $ 27,900 4,900 4,900 $43,700 US $38,500 77,500 $110,300 36,600 $50,200 12,200 $27,200 $43,700 $38,500 3% 8% 12% Estimated percentage uncollectible Total estimated bad debts 24% $10,488 61% $23,485 $ 44,562 $3,309 $4,016 $3,264 At December 31, 2016, the unadjusted balance in Allowance for Doubtful Accounts is a credit of $7,900, Journalize the adjusting entry for bad debts at December 31, 2016. (Credit account titles are automatically Indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit SHOW LIST OF ACCOUNTS Post the adjusting entry for bad debts at December 31, 2016. Bad Debts Expense Allowance for Doubtful Accounts SHOW LIST OF ACCOUNTS a ting are automatically indented when amount is Journalize the 2017 transactions: Cre entered. Do not indent manually.) 1. March 1, a $660 customer balance originating in 2016 Is Judged uncollectible. 2. May 1, a check for $660 is received from the customer whose account was written off as uncollectible on 2. March 1. Debit Credit No. Date Account Titles and Explanation 2. (To reinstate account previously written off) SHOW LIST OF ACCOUNTS Post to the allowance account these 2017 events. (Post entries in the order of journal entries posted in the previous part.) 2016 Allowance for Doubtful Accounts 12/31 Bal. 12/31 12/31 Bal. 7,900 36,662 44,562 2017 SHOW LIST OF ACCOUNTS Journalize the adjusting entry for bad debts at December 31, 2017, assuming that the unadjusted balance in Allowance for Doubtful Accounts is a debit of $1,200 and the aging schedule indicates that total estimated bad debts will be $37,400. (Credit account titles are automatically indented when amount is entered. Do not Indent manually.) Account Titles and Explanation Debit Credit