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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 $62,000 0.5
61-90 days 23,000 1.0
91-120 days 3,200 10.0
Over 120 days 1,200 50.0
The allowance for uncollectible accounts had a balance of $1,420 on January 1, 2021. During the year, bad debts of $770 were written off. Required:
Problem 1: Prepare all journal entries for 2021 with respect to bad debts and the allowance for uncollectible accounts. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
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