Cicero Company's accounts receivable reveals the following balances: Receivable


Age of Accounts Receivable Balance Current $\$ 600,000$

1-30 days past due 320,000

$31-60$ days past due 80,000 61-90 days past due 50,000

$91-120$ days past due 9,000 The credit balance in Allowance for Bad Debts is now $\$ 26,000$. After a thorough analysis of the collection history, the company estimated that the following percentages of receivables would eventually prove uncollectible:

\footnotetext{

Current $0.4 \%$

$1-30$ days past due. . . . . . . . . . . . . . 3.0 31-60 days past due . . . . . . . . . . . . . . 12.0 61-90 days past due. . . . . . . . . . . . . . 60.0 91-120 days past due . . . . . . . . . . . . . 90.0

}

Prepare an aging schedule for the accounts receivable, and give the journal entry for recording the necessary change in the allowance for bad debts account.