Harrison Company uses the aging method of estimating bad debts as of December 31, the end of the fiscal year....

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Harrison Company uses the aging method of estimating bad debts as of December 31, the end of the fiscal year. Terms of sales are net 30 days. While in the process of completing the aging schedule, the accountant became very ill and was unable to finish the job. The accountant's report, as he left it, appears as follows:

Not Yet

Days Past Due

Customer Name

Balance

Due

1–30

31–60

61–90

Over 90

Balance Forward

$522,175

$390,260

$61,248

$41,093

$19,276

$10,298

The accountant still had to analyze the following accounts:

Account	Amount	Due Date
B. Cash	$1,627	January 4 (next year)
G. Heckman	2,983	December 27
C. Johnson	6,222	October 30
T. Taylor	3,667	January 15 (next year)
W. Young	1,145	July 11

From past experience, the company has found that the following percentages for estimated uncollectible accounts produce an adequate balance for Allowance for Doubtful Accounts:

Days Past Due	Estimated Percentage Uncollectible
Not yet due	2%
1 to 30 days	3
31 to 60 days	15
61 to 90 days	25
Over 90 days	50

Prior to aging the Accounts Receivable, Allowance for Doubtful Accounts had a credit balance of $5,125.

Instructions:

1.	Enter the Balance Forward balances and complete the aging schedule.
2.	Complete the table for estimating the allowance for doubtful accounts.
3.	Record the adjusting entry in general journal form.

Make an EXCEL file to turn in your work.