View Policies Current Attempt in Progress Metlock Merchandising uses an aging schedule to determine its estimated uncollectible accounts at year end. The percentage estimates of bad debts are as follows: METLOCK MERCHANDISING Aged Schedule of Accounts Receivable No. of Days Estimated % Outstanding Amount Uncollectible 0-30 days $61,300 0.4596 26,200 5.10% 31-60 days 61-90 days 11,900 21.00% 4,800 48.00% Over 90 days $104,200 Using the information above for Manoir Merchandising, prepare the adjusting entry to record bad debt expense for each of the following independent situations: The Allowance for Doubtful Accounts has an unadjusted $1,490 debit balance and the company uses the aging schedule to determine estimated uncollectible accounts. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Round answers to 2 decimal places, e.g. 52.76.) METLOCK MERCHANDISING Aged Schedule of Accounts Receivable Number of Days Outstanding Estimated % Uncollectible Estimated Uncollectible Accounts Amount 0-30 days $61,300 0.45% 31-60 days 26,200 5.10% 61-90 days 11,900 21.00% Over 90 days 4.800 48.00% $104,200 $ Debit Account Titles and Explanation Date Credit Dec. 31 Question 3 of 5 Or List of Accounts The Allowance for Doubtful Accounts has an unadjusted $1,490 credit balance and the company uses the aging schedule to determine estimated uncollectible accounts. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Round answers to 2 decimal places, e.g. 52.76.) Date Account Titles and Explanation Debit Credit Dec. 31 List of Accounts Allowance for Doubtful Accounts has an unadiusted $1.490 dehit balance and manamnnt nntimnton that List of Accounts he Allowance for Doubtful Accounts has an unadjusted $1,490 debit balance and management estimates that 8% of ccounts receivable will be uncollectible. (Credit account titles are automatically indented when the amount is tered. Do not indent manually.) Date Account Titles and Explanation Debit Credit ec. 31 t of Accounts Later