E5-43B Learning Objective 4: Using the allowance method for bad debts) On April 30, Hilltop Party Planners had a 33,000.balance in Accounts Receivable and a. 4,000 credit balance in Allowance for Uncollectible Accounts, During May, the store made credit sales of 156,000. May collections on account were 132,000, and write-offs of uncollectible receivables totaled 2,300. Hilltop. Party Planners estimates the required allowance for uncollectible accounts for the year is 4,820 1, 1. Joumalize sales, collections, write-olfs of uncollectibles, and uncollectible-account by the allowance method during May. Explanations are not required. 2. Show the ending balances in Accounts Receivable, Allowance for Uncollectible Accounts and Net Accounts Receivable at May 31. How much does the store expect to collect? 3. Show how the store will report Accounts Receivable on its May 31 balance sheet. E5-44B (Learning Objective. 4: Using the aging approach to estimate, bad debts) At December 31, before any year-end adjustments, the accounts receivable balance of Digital Electronics Company is 150,000. The allowance for doubtful accounts has a 6,800 credit balance. Digital Electromics Company prepares the following aging schedule for accounts receivable: Age of Accounts Toal Balancs 130,000 Estimated uncollectib ays 6190 DaYSOVer 90 Day 60,000 650,000 0,000 10,000 40.0 I Requirements 1. Based on the aging of accounts receivable, is the unadjusted balance of the allowance account adequate? Too high? Too low? 2. Make the entry required by the aging schedule. Prepare a T-account for the allowance. 3. Show how Digital Electronics Company wil report Accounts Receivable on its December 31 balance sheet