Problem: Valdez Company uses the percent of receivables method to estimate uncollectible accounts expense. Valdez began 2012 with balances in Accounts Receivable and Allowance for Doubtful Accounts of $38,250 and $2,900, respectively. During the year, the company wrote of $2,322 in uncollectible accounts. In preparation for the company's 2012 estimate, Valdez prepared the following aging schedule: Not yet due $26,000--1% uncollectible, $11,250--5% uncollectible, $2,480--10% uncollectible, $1,100--25% uncollectible, $950--50% uncollectible. What will Valdez record as Bad Debt Expense for 2012?
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