Problem XVI: On March 31, 2020, Merle Company had an unadjusted debit balance of $8,000 in its allowance for uncollectible accounts and a $587,400 debit balance in its accounts receivable account. The Company reported net credit sales of $4,500,000 during the first quarter. An analysis of Merle's trade accounts receivable at that date revealed the following: Days Past Due Amount Estimated uncollectible $124,000 1-30 days 74,500 31-60 days 67,200 61-90 days 45,700 Over 90 days 276,000 20% $587,400 Current 3% 7% 12% 18% Total What amount should Merle report as Allowance for Doubtful Accounts in its March 31, 2020, balance sheet? Prepare the required journal entry at March 31, 2020 to record the bad debt expense. Date Accounts Title and Explanation Ref. Debit Credit During 2020 after making the above journal entry, Merle Company wrote off $30,000 in receivables and recovered $10,000 that had been written off. Prepare the required journal entries. Omit explanations. Date Accounts Title and Explanation Ref. Debit Credit