Zuo Software categorizes its accounts receivable into four age groups for purposes of estimating its allowance for uncollectible accounts. Accounts not yet due = $425,000; estimated uncollectible = 15%. Accounts 1–30 days past due = $53,100; estimated uncollectible = 19%. Accounts 31–90 days past due = $42,500; estimated uncollectible = 22% Accounts more than 90 days past due = $31,900; estimated uncollectible = 26%. At 12/31/2021, before recording any adjustments, Zuo has a credit balance of $29,400 in its allowance for uncollectible accounts. Required: 1. Estimate the appropriate 12/31/2021 balance for Zuo’s allowance for uncollectible accounts. 2. What journal entry should Zuo record to adjust its allowance for uncollectible accounts? 3. Calculate Zuo’s 12/31/2021 net accounts receivable balance.

At December 31, Gill Co. reported accounts receivable of $281,000 and an allowance for uncollectible accounts of $1,600 (credit) before any adjustments. An analysis of accounts receivable suggests that the allowance for uncollectible accounts should be 3% of accounts receivable. The amount of the adjustment for uncollectible accounts would be: Multiple Choice $8,340. $1,600. $8,430. $6,830.

d) Golden Music Company uses the allowance method to estimate uncollectible accounts receivable. An aging of the accounts receivable revealed the following: Estimated Percentage Uncollectible Current Accounts $17,000 $1,500 $1,200 $500 $900 $21,100 1% 1-30 days past due 31–60 days past due 61–90 days past due Over 90 days past due Total Accounts Receivable 3% 6% 12% 25% On 31 December 2021, the company has found out that a customer went bankrupt and management agreed that the accounts receivable of $900 included above which is past due for over 90 days can be written off. i) Compute the total estimated uncollectible accounts receivable as at 31 December 2021. ii) Prepare the journal entry year-end to write off the accounts receivable of $900 and the adjusting journal entry to record the bad debts for the year ended 31 December 2021.

Chez Fred Bakery estimates the allowance for uncollectible accounts at 3% of the ending balance of accounts receivable. During 2021, Chez Fred's credit sales and collections were $ 125,000 and $131,000, respectively. What was the balance of accounts receivable on January 1, 2021, if $180 in accounts receivable were written off during 2021 and if the allowance account had a balance of $750 on December 31, 2021? A) $5,820. B) $31,000. C) $31,180. D) None of these answer choices are correct.

This question uses the same facts as the previous question and is repeated for your convenience. The following information relates to Hanover Foods, Inc. for the year 20X1: Accounts receivable (January 1, 20X1) Credit sales during 20X1 Collections from credit customers during 20X1 Customer account written off as uncollectible during 20X1 Allowance for Doubtful (Uncollectible) Accounts $334,000 850,000 725,000 12,000 (this balance is given after writing-off uncollectible accounts and has a credit balance) Estimated uncollectible accounts based on aging analysis If the aging approach is used to estimate bad debts, what amount should be recorded as bad debts expense for 20X1? 1,700 13,200

Williamson Distributors separates its accounts receivable into three age groups for purposes of estimating the percentage of uncollectible accounts. Accounts not yet due = $29,000; estimated uncollectible = 5%. Accounts 1 to 30 days past due = $9,900; estimated uncollectible = 15%. Accounts more than 30 days past due = $3,900; estimated uncollectible = 25%. Compute the total estimated uncollectible accounts.

Allegheny Company ended Year 1 with balances in Accounts Receivable and Allowance for Doubtful Accounts of $86,000 and $4,800, respectively. During Year 2, Allegheny wrote off $9,000 of Uncollectible Accounts. Using the percent of receivables method, Allegheny estimates that the ending Allowance for Doubtful Accounts balance should be $7,200. What amount will Allegheny report as Uncollectible Accounts Expense on its Year 2 income statement? Multiple Choice $2,400 $9,000 $7,200 $11,400

Sipacore Ltd. has an Accounts Receivable amount of $363,700 and an unadjusted credit balance in Allowance for Expected Credit Losses of $8,600 at March 31. The company's accounts receivable and percentage estimates of uncollectible accounts are as follows: Number of Days Outstanding 0-30 (a) 31-60 61-90 Over 90 Total Your answer is correct. Age of Accounts 0-30 days 31-60 days Accounts Receivable $258,000 45,800 32,600 27,300 $363,700 61-90 days Over 90 days Prepare an aging schedule to determine the total estimated uncollectibles at March 31. Amount % $258,000 2% 45,800 10% 32,600 30% Estimated Percentage Uncollectible 27,300 50% 2% 10% 30% 50% Estimated Uncollectible 5160 4580 9780 13650 33170

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Marigold Inc. uses the allowance method to estimate uncollectibles. The company produced the following aging of the accounts receivable at year-end. (a)   Correct answer icon Your answer is correct. Calculate the total estimated uncollectibles based on the below information.         Number of Days Outstanding     Total   0–30   31–60   61–90   91–120   Over 120 Accounts receivable   $212,900   $80,500   $47,100   $41,900   $25,500   $17,900 % uncollectible       1%   4%   5%   8%   20% Estimated Bad debts   $enter a dollar amount    $enter a dollar amount    $enter a dollar amount    $enter a dollar amount    $enter a dollar amount    $enter a dollar amount    eTextbook and Media List of Accounts         Attempts: 1 of 3 used       (b) - (d)     (b)   Prepare the year-end adjusting journal entry to record the Bad Debt Expense using the aged uncollectible accounts receivable…