ACCT 3110 Fall 2017 Chapter 7 Homework *Problem 7-5 Your answer is partially correct. Try again. Presented below is information related to the Accounts Receivable accounts of Gulistan Inc. durin current year 2017. 1. An aging schedule of the accounts receivable as of December 31, 2017, is as follows 96 to Be Applied after Net Debit Correction Is Made 196 3% 6% $3,700 definitely uncollectible; estimated remainder uncollectible is 25% Age Balance Under 60 days $172,342 136,490 91-120 days 39,924 60-90 days 23,644 $372,400 Over 120 days The $3,240 write-off of receivables is related to the 91-to-120 day category 2. The Accounts Receivable control account has a debit balance of $372,400 on December 31, 3. Two entries were made in the Bad Debt Expense account during the year: (1) a debit on Dec 31 for the amount credited to Allowance for Doubtful Accounts, and (2) a credit for $3,240 on November 3, 2017, and a debit to Allowance for Doubtful Accounts because of a bankruptcy. 4. Allowance for Doubtful Accounts is as follows for 2017. Allowance for Doubtful Accounts Nov.Uncollectible accounts written off 3,240 Jan. Beginning balance Dec. 31 5% of $372,400 5. A credit balance exists in the Accounts Receivable (60-90 days) of $4,840, which represent advance on a sales contract. Assuming that the books have not been closed for 2017, make the necessary correcting entrie (Round answers to O decimal places, e.g. 5,275. If no entry is required, select "No E the account titles and enter 0 for the amounts. Credit account titles are automaticall indented when the amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit