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Determining bad debt expense from an aging schedule
Hilary Company's year-end accounts receivable show the following balances by age:
Age of accounts
Balance
Not due yet
€600,000
0-30 days
200,000
31-60 days
45,000
61-120 days
20,000
More than 120 days
10,000
The credit balance in the allowance for doubtful accounts is now €8600. Hilary Company's prior collection experience suggests that Hilary should use the following percentages to compute the total uncollectible amount of receivables: 0-30 days, 0.5% 31-60 days, 1.0% 61-120, 10%, and more than 120 days, 70%.
Required
Prepare the journal entry to record Hilary's bad debt expense.
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