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Alpha Company uses aging to estimate uncollectibles. At the end of the fiscal year, December 31, 2016, Accounts Receivable has a balance that consists of:
Dollar Value
Age of Account
Estimated Collectible
$115,000
< 30 days old
98%
65,000
30 to 60 days old
85%
20,000
61 to 120 days old
75%
5,000
> 120 days old
10%
The current unadjusted Allowance for Uncollectable Accounts balance is a credit balance of $2,500 and the Bad Debt Expense accounts has an unadjusted balance of zero. After the adjusting entry is made, what will be the dollar balances in the:
1. Accounts Receivable
2. Allowance for Doubtful Accounts
3. Bad Debt Expense
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