Uncollectible Accounts

Entry for Uncollectible Accounts Outlaw Bike Co. is a wholesaler of motorcycle supplies. An aging of the company's accounts receivable on December 31 and a historical analysis of the percentage of uncollectible accounts in each age category are given below. Estimated Uncollectible Accounts Percent Estimated Uncollectible Accounts Amount Age Interval Balance Not past due $718,000 1/2 % $3,590 1-30 days past due 79,000 2,370 31-60 days past due 35,900 7 2,513 61-90 days past due 25,800 18 4,644 91-180 days past due 18,700 38 7,106 Over 180 days past due 13,600 80 10,880 Total $891,000 $31,103 Assume that the allowance for doubtful accounts for Outlaw Bike Co. had a debit balance of $5,600 as of December 31. Journalize the adjusting entry for uncollectible accounts as of December 31. If an amount box does not require an entry, leave it blank. Dec. 31