Required information Problem 9-3A 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 $2,500,000 for year 2017. On December 31, 2017, the company's Allowance for Doubtful Accounts has an unadjusted credit balance of $14,900. 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 Accounts Receivable $ 500,000 200,000 40,000 Expected Percent Uncollectible 1.00% 1.75 Age of Accounts Receivable Not yet due 1 to 30 days past due 31 to 60 days past due 61 to 90 days past due Over 90 days past due 6.25 31.50 20,000 4,000 65.00 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 (#.##%) Estimated Uncollectible Not due: X 1 to 30: X 31 to 60: 61 to 90: Over 90: Estimated balance of allowance for uncollectibles $ 0 2. Prepare the adjusting entry to record bad debts expense at December 31, 2017. View transaction list Journal entry worksheet 1 Record the estimated bad debts. Note: Enter debits before credits. Date General Journal Debit Credit Dec 31 Record entry Clear entry View general journal