The information below was taken from KaibaCorp's financial record's at Dec 31, 1999, the company's year-end. The information was taken prior to adjusting entries and before any uncollectible accounts have been recorded.

	Debit	Credit
Accounts Receivable	$100,000
Allowances for doubtful accounts		$2,000
Sales (60% on credit)		$800,000

As well, there is the aging analysis of accounts receivable, including uncollectible accounts of $700 which are all past due over 90 days.

Status	Amount
Not past due	$50,000
Past due 1-60 days	$25,000
Past due 61-90 days	$15,000
Past due over 90 days	$10,000

Instructions:

Part 1:

a) Determine the journal entry to record uncollectible accounts at year-end.

Part 2:

Determine the adjusting journal entries to record bad debts at year-end based on the following three independent assumptions regarding bad debt percentages:

a) Based on 7% of credit sales.

b) 3% of total receivables net of uncollectible accounts.

c) Based on the aging schedule where:

	Amount	Percentage uncollectible
Not past due	$50,000	1%
Past due 1-60 days	$25,000	5%
Past due 51-90 days	$15,000	20%
Past due over 90 days	$10,000	70%