Required Information P6.3 (Algo) Determining Bad Debt Expense Based on Aging Analysis LO6.2 [The following information applies to the questions displayed below.] Blue Skles Equipment Company uses the aging approach to estimate bad debt expense at the end of each accounting year. Credit sales occur frequently on terms n/60. The balance of each account recelvable Is aged on the basis of three time perlods as follows: (1) not yet due, (2) up to one year past due, and (3) more than one year past due. Experlence has shown that for each age group, the average loss rate on the amount of the recelvable at year-end due to uncollectibility Is (a) 8 percent, (b) 12 percent, and (c) 35 percent, respectively. At December 31, 2019 (end of the current accounting year), the Accounts Recelvable balance was $53,000 and the Allowance for Doubtful Accounts balance was $1,090 (credit). In determining which accounts have been paid, the company applies collections to the oldest sales first. To sImplify, only five customer accounts are used; the detalls of each on December 31,2019 , follow. Journal entry worksheet Record the adjusting entry for bad debt expense at December 31, 2019. Note: Enter debits before credits. Show how the amounts related to accounts receivable should be presented on the 2019 income statement. 4. Show how the amounts related to accounts recelvable should be presented on the 2019 income statement and balance she Complete this question by entering your answers in the tabs below. Show how the amounts related to accounts recelvable should be presented on the 2019 balance sheet. (Amounts to be deducted should be indicated by a minus sign.)