Cicero Companys accounts receivable reveal the following balances: Age of Accounts Current.. 1-30 days past due. 31-60

Cicero Company’s accounts receivable reveal the following balances:

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Age of Accounts Current.. 1-30 days past due. 31-60 days past due 61-90 days past due. Receivable Balance $600,000 320,000 80,000 50,000 9,000 91-120 days past due The credit balance in Allowance for Bad Debts is now $26,000. After a thorough analysis of its collection history, the company estimates that the following percentages of receivables will eventually prove uncollectible: Current. 1-30 days past due 31-60 days past due. 61-90 days past due. 91-120 days past due. 0.4% 3.0 12.0 60.0 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.