EXERCISE 7-6 Adjustment for uncollectible accounts Objective 4 Using the data in Exercise 7-5, assume that the allowance for doubtful accounts for Intimacy Mattress Company has a credit balance of $7,180 before adjustment on November 30. Journalize the adjusting entry for uncollectible accounts as of November 30. Date Description Debit Credit EXERCISE 7-7 Estimating doubtful accounts Objective 4 Kubota Co. is a wholesaler of office supplies. An aging of the company's accounts receivable on December 31,2006, and a historical analysis of the percentage of uncollectible accounts in each age category are as follows: Percent Amount Balance Uncollectible Uncollectible Age Interval Not past due 1-30 days past due10,000 31-60 days past due.00 .. 91-180 days past due.7,50...60 Over 180 days past due...5 8 Totals 636,500 Estimate what the proper balance of the allowance for doubtful accounts should be as of December 31, 2006. EXERCISE 7-8 Entry for uncollectible accounts Objective 4 Using the data in Exercise 7-7,assume that the allowance for doubtful accounts for Kubota Co.had a debit balance of $1,575 as of December 31,2006. Journalize the adjusting entry for uncollectible accounts as of December 31,2006. Debit Credit Date Description