Chapter 8 Practice Problems No Credit 3 Young and Old Corporation (YOC) uses two aging categories to estimate uncollectible accounts. Accounts less than 60 days are considered young and have a 4% uncollectible rate. Accounts more than 60 days are considered old and have a 40% uncollectible rate 02:55:16 eBook Hint Print References Check my work Required: 1. If YOC has $113,000 of young accounts and $370,000 of old accounts, how much should be reported in the Allowance for Doubtful Accounts? 2. If YOC's Allowance for Doubtful Accounts currently has an unadjusted credit balance of $37,000, how much should be credited to the account? 3. If YOC's Allowance for Doubtful Accounts has an unadjusted debit balance of $4,700, how much should be credited to the account? 1. Amount to be Reported 2. Amount to be Credited 3. Amount to be Credited

Young and Oid Corporation (FOC) uses two aging categonles to estimate uncollectble accounts. Accounts less than 60 days are contioered younh and hove a 4 x uncollectible rate Accounts more than 60 days are considered old and have a 40% uncollectible toie Required: Accounts? 2. If YoCs Aiowance to Doubtful Accounts curreny has an unadjusted credit bolance of $37,000, how much should be credited to the stcount? 3. iryoCs Alowance tor Doubthil Accounts hos an unadjusted debit bolonce of 54700 , how much should be credited to the accoum