Exercise 7-14 (Static) Calculate uncollectible accounts using the aging method; record adjustments [LO7-5, 7-6) Zuo Software categorizes its accounts receivable into four age groups for purposes of estimating its allowance for uncollectible accounts. 1. Accounts not yet due = $400,000, estimated uncollectible = 8%. 2. Accounts 1-30 days past due = $50,000; estimated uncollectible = 15% 3. Accounts 31-90 days past due = $40,000; estimated uncollectible = 30% 4. Accounts more than 90 days past due = $30,000, estimated uncollectible = 50%, At 12/31/2021, before recording any adjustments, Zuo has a credit balance of $22,000 in its allowance for uncollectible accounts. Required: 1. Estimate the appropriate 12/312021 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 12/312021 net accounts receivable balance. Required 1 Required 2 Required 3 Estimate the appropriate 12/31/2021 balance for Zuo's allowance for uncollectible accounts. Balance in allowance for uncollectible accounts RE Required 2 Required 1 Required 2 Required 3 What journal entry should Zuo record to adjust its allowance for uncollectible accounts? (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet