Net Zero Products, a wholesaler of sustainable raw materials, prepares the following aging of receivables analysis....

 

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Net Zero Products, a wholesaler of sustainable raw materials, prepares the following aging of receivables analysis. Accounts receivable Percent uncollectible Total $ 153,500 0 $ 91,000 1 to 30 $ 29,000 Days Past Due 31 to 60 61 to 90 $ 12,500 $ 9,500 Over 90 $ 11,500 1% 2% 4% 6% 10% 1. Estimate the balance of the Allowance for Doubtful Accounts using the aging of accounts receivable method. 2. Prepare the adjusting entry to record bad debts expense assuming the unadjusted balance in the Allowance for Doubtful Accounts is a $2,100 credit. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Estimate the balance of the Allowance for Doubtful Accounts using the aging of accounts receivable method. Percent uncollectible (%) Estimated Uncollectible Accounts receivable Not due: 1 to 30: 31 to 60: 61 to 90: Over 90: x x x Estimated balance of allowance for uncollectibles = = = $ 0 Net Zero Products, a wholesaler of sustainable raw materials, prepares the following aging of receivables analysis. Accounts receivable Percent uncollectible Total $ 153,500 0 $ 91,000 1 to 30 $ 29,000 Days Past Due 31 to 60 61 to 90 $ 12,500 $ 9,500 Over 90 $ 11,500 1% 2% 4% 6% 10% 1. Estimate the balance of the Allowance for Doubtful Accounts using the aging of accounts receivable method. 2. Prepare the adjusting entry to record bad debts expense assuming the unadjusted balance in the Allowance for Doubtful Accounts is a $2,100 credit. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Estimate the balance of the Allowance for Doubtful Accounts using the aging of accounts receivable method. Percent uncollectible (%) Estimated Uncollectible Accounts receivable Not due: 1 to 30: 31 to 60: 61 to 90: Over 90: x x x Estimated balance of allowance for uncollectibles = = = $ 0

Answer rating: 100% (QA)

Required 1 To estimate the balance of the Allowance for Doubtful Accounts using the aging of account... View the full answer