QUESTION 20 Elston Company's aging schedule for accounts receivable is as follows: Days Account Outstanding 0-30 days 31-60 days 61-90 days Over 90 days Amount $500,000 150.000 60,000 40,000 Estd. Percent Uncollectible 2% 10% 15% 50% At the beginning of the year just ending, allowance for bad debts had a credit balance of $40,000. At year-end, before bad debt expense was recorded, the allowance account had a debit balance of $4,000. Elston determines its bad debt expense by using the aging schedule of its accounts receivable. A. Compute the bad debt expense for the fiscal year and provide the journal entry for recording it. B. Further, on March 15 of the following year, Elston received a check for $500 for an account that had previously been written off as uncollectible. Prepare the journal entry to record the receipt of the check