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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