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Question - A summary of Klugman Company's December 31, 2021, accounts receivable aging schedule is presented below along with the estimated percent uncollectible for each age group:
Age Group Amount %
0-60 days $56,000 0.5
61-90 days 20,000 1.0
91-120 days 2,600 10.0
Over 120 days 1,200 50.0
The allowance for uncollectible accounts had a balance of $1,360 on January 1, 2021. During the year, bad debts of $710 were written off.
Required - Complete all journal entries for 2021 with respect to bad debts and the allowance for uncollectible accounts?
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