Moving estion 12 On March 1, a customer's account balance of $32,300 was deemed to be uncollectible. What entry should be recorded on March 1 to record the write-off assuming the company uses the allowance method? O Debit Bad Debts Expense $32,300; credit Accounts Receivable $32,300 O Debit Allowance for Doubtful Accounts $32,300; credit Accounts Receivable $32,300 O Debit Accounts Receivable $32,300; credit Bad Debts Expense $32,300 O Debit Allowance for Doubtful Accounts $32,300; credit Bad Debts Expense $32,300

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Question Content Area Estimating Allowance for Doubtful Accounts Kirchhoff Industries has a past history of uncollectible accounts, as shown below. Age Class PercentUncollectible Not past due 1%      1-30 days past due 5         31-60 days past due 25         61-90 days past due 35         Over 90 days past due 50         Estimate the allowance for doubtful accounts, based on the aging of receivables schedule below. Kirchhoff IndustriesAging of Receivables Scheduleblank Customer Balance Not PastDue 1-30 DaysPast Due 31-60 DaysPast Due 61-90 DaysPast Due Over 90 DaysPast Due Subtotals 840,000 495,600 184,800 75,600 42,000 42,000 Conover Industries 18,100         18,100 Keystone Company 18,200       18,200   Moxie Creek Inc. 6,600     6,600     Rainbow Company 10,000   10,000       Swanson Company 23,100 23,100         Total receivables 916,000 518,700 194,800 82,200 60,200 60,100 Percentage uncollectible   1% 5% 25% 35% 50% Allowance for Doubtful…

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