Aging of Accounts Receivable
York Company's accounts receivable show the following balances:
York Company uses the aging-of-accounts-receivable procedure. The credit balance in the Allowance for Uncollectible Accounts is now $16,000. Analysis of collection experience suggests that York should use the following percentages to estimate the amounts that will eventually prove uncollectible: 0–30 days, 0.5%; 31–60 days, 1.0%; 61–120 days, 10%; and more than 120 days, 30%.
Prepare the journal entry to provide for estimated uncollectible accounts.